Mon, Jul 28, 2003 - Page 11 News List

Deadbeats take taxpayers cash and give it to China

MASSIVE DEBTS Why are Taiwanese businessmen allowed to continue ignoring their debts to state-run banks while investing heavily in ventures in China?


"These people are the biggest tragedy of the Taiwanese people. Some unknowledgeable officials even bailed them out, lowered interest rates and let them move money to China, creating job opportunities for the Chinese, while causing some Taiwanese to lose their jobs," said a Taiwanese businessman who used to work for Chen Yu-hao.

Currently the two sides of the Taiwan Strait are still stuck on the three direct links issue. There's no way to ask the Chinese government, through official procedures, to help arrest these economic criminals.

However, there are still ways to collect the massive debts they owe the banks. The local banks only have to ask third-country banks to help coordinate the overseas collection.

The debtors will eventually have to come forward and solve the problems; otherwise, their international credit will be affected.

Deplorably, our government officials are still out of the loop even when they are answering questions at the Legislative Yuan. In the end, the entire Taiwanese public will have to shoulder all the debts left behind by these tycoons.

This article first appeared in Win-Win Weekly (今周刊).

Translated by Francis Huang and Jackie Lin

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