Fri, Mar 17, 2006 - Page 11 News List

Business Briefs

STAFF WRITER WITH AGENCIES

■ Share prices close lower

Share prices closed 0.21 percent lower yesterday as short-term investors took advantage of further overnight gains on Wall Street to lock in profits, dealers said. They said the market continues to be held in check by the political uncertainty caused by President Chen Shui-bian's (陳水扁) tightening of the government's China policy ahead of weekend demonstrations. The weighted index shed 13.72 points at the day's low of 6,504.98, off a high of 6,594.18, on increased turnover of NT$129.77 billion (US$4.01 billion).

■ Banker, daughter indicted

The Taipei District Prosecutors' Office yesterday charged Wang You-tseng (王又曾), chairman of the Chinese Bank (中華商銀) and his daughter Wang Lin-ke (王令可), manager of the bank's Nanking branch, with breach of trust and forgery over a 1990 loan made by the bank. The statement of charge said that in Wang, the former chairman of the Rebar Group (力霸集團), had instructed bank officials to loan NT$100 million (US$3.1 million at yesterday's exchange rate ) to a construction firm which wanted to build an entertainment center in Taichung, even though the company didn't have sufficient collateral. Its only collateral was a piece of land that it had already mortgaged to another bank, and three unendorsed checks totalling NT$70 million. Bank officials later discovered that the three checks had been forged by construction company executives. The company was insolvent and only paid NT$2.7 million in interest on the loan. The prosecutor is asking for a three-year prison sentence for Wang and two years each for the construction company officials.

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