Taipei prosecutors want SinoPac chairman to be detained for illegal loans

Ho was also accused of overlending and misappropriation of money.

Taiwan News
Date: 2017/06/17
By: Teng Pei-ju, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – Taipei District Prosecutors Office requested Saturday that SinoPac Holdings

SinoPac Chairman Ho Show-chung (center, in suit and tie) under investigation.(By Central News Agency)

(永豐金控) chairman Ho Show-chung (何壽川) and two others be detained on charges of illegal loans to an offshore company.

Prosecutors found that Ho and other senior managers at SinoPac Holdings had allegedly given illegal loans to a non-operating offshore company, J&R Trading Co., Ltd. for a total value of over NT$5 billion (US$164.7 million) through Grand Capital International Limited, a re-investment offshore company held entirely by SinoPac Leasing Corporation (永豐金租賃) since October 2009.

In addition, it was reported that Ho was also accused of over-lending to Sunpower Development & Construction Corporation (SDCC, 三寶建設), giving illegal loans to Star City, a company in which his wife had been a member of the board, and misappropriating capital from Yuen Foong Yu Paper Manufacturing Group (YFY, 永豐餘) to gain control over the 1788 International Center, a high-end office building in Shanghai .

Prosecutors raided 13 locations on June 16, including SinoPac Holdings headquarters, Ho’s office and home, taking back Ho, his wife Chang Hsing-ju (張杏如), and SinoPac Holdings senior managers among a total of 23 people for questioning which lasted overnight, reports said.    [FULL  STORY]

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