The China Post
Date: November 3, 2017
By: Chiu Po-sheng, Ku Chuan, Lu Hsin-hui and Evelyn Kao
TAIPEI (CNA) – Prosecutors are investigating whether fraud occurred when a company
Prosecutors are investigating whether fraud occurred when Ching Fu Shipbuilding Co. won a multi-billion dollar contract to build minesweepers for the Navy tried and received a NT$20.5 billion loan from a group of domestic banks. (CNA)
that won a multi-billion dollar contract to build minesweepers for the Navy tried to get a NT$20.5 billion (US$679 million) loan from a group of domestic banks.
At the center of the investigation is Ching Fu Shipbuilding Co. (CFS, 慶富造船), Taiwan’s largest private shipbuilder, which won a contract from the Ministry of National Defense in October 2014, to build six mine countermeasure vessels for Taiwan’s military for NT$34.9 billion (US$1.18 billion).
It’s a part of the nation’s domestic warship-building program.
A criminal investigation by the Kaohsiung District Prosecutors’ Office found that fraud allegedly occurred when CFS was trying to obtain a NT$20.5 billion syndicated loan from a group of nine domestic lenders led by First Commercial Bank. [FULL STORY]