The Ministry of Finance has filed charges against 31 top officials of grass-roots financial institutions recently taken over by the government, the local Chinese-language media reported over the weekend, citing ministry officials.
Some bank managers could face jail terms of up to 10 years.
In September, a government directive instructed 10 major banks to take over the management of 36 grassroots financial institutions.
According to the report, the 10 banks completed an asset evaluation over the weekend and found that many of the credit cooperatives' accounts were actually dummy accounts.
In a meeting on Saturday, Minister of Finance Yen Ching-chang (
Originally the finance ministry estimated that total losses would reach NT$60 billion.
The losses will be paid by the financial reconstruction fund, which is similar to the Resolution Trust Company in US.
The Legislative Yuan passed legislation in late June to provide NT$140 billion for the fund, designed to help clean-up troubled and corrupt financial institutions.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last