Focus Taiwan
Date: 2017/08/10
By: Chang Che-fong, Tsai Yi-chu and Y.F. Low
Taipei, Aug. 10 (CNA) Three top executives from Ching Fu Shipbuilding Co. (CFS),
CFS Chairman Chen Ching-nan (陳慶南) was freed after paying bail of NT$8 million, while his son Chen Wei-chih (陳偉志) and wife Chen Lu Chao-hsia (陳盧昭霞), who served as the company’s vice chairman and director, respectively, were released after paying NT$5 million and NT$500,000, according to a statement issued by the Kaohsiung District Prosecutors Office.
An investigation by prosecutors found that the alleged fraud occurred when CFS was trying to obtain a NT$20.5 billion syndicated loan from a group of nine domestic lenders led by First Bank, after winning a NT$35.29 billion contract in October 2014 to build six minesweepers for the Navy. [FULL STORY]