Shipbuilder spent bank loans in China instead

Taiwan News
Date: 2019/10/31
By: Matthew Strong, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – The Taipei District Court awarded the Ministry of National Defense

compensation worth a total of NT$73.19 million (US$2.4 million) Thursday (October 31) in a case involving Navy minesweepers and fraudulent loans, but appeals were still possible.

In September, the chairman of Ching Fu Shipbuilding Co. (慶富造船) was sentenced to 25 years in prison for obtaining the loans and spending them on investments in China. Chen Ching-nan (陳慶男) was also fined NT$105 million (US$3.38 million), and his company NT$280 million.   [FULL  STORY]