Radio Taiwan International
Date: 2017-11-25

The fraud allegedly occurred when Ching Fu Shipbuilding Co. (CFS) was trying to obtain a NT$20.5 billion syndicated loan from a group of nine domestic lenders led by First Commercial Bank.

Kaohsiung District Prosecutors’ Office, which has been investigating the case since August, suspects CFS used bogus documents to falsify four capital increases that were required under the terms of the loan.

First Commercial Bank filed a criminal lawsuit against Ching Fu Shipbuilding in October for breach of contract. Ching Fu is reported to be on the brink of bankruptcy and incapable of paying the NT$3.1 billion (US$102 million) interest on its debt.
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