Sat, Mar 10, 2007 - Page 12 News List

Entie plans to sell Rebar loan obligee

By Amber Chung  /  STAFF REPORTER

EnTie Commercial Bank (安泰銀行) said yesterday it was going to sell its right of obligee -- for NT$1.6 billion (US$48.5 million) worth of loans to Rebar Asia Pacific Group (力霸集團) that have turned soured -- to a third party by the end of the month.

With Rebar Crowne Plaza (台北冠飯店) as collateral against the loan honored by fugitive former Rebar chairman Wang You-theng (王又曾), EnTie's planned transfer of its obligation could lead to the auction of the hotel, it said.

Rebar's largest creditor bank, Mega International Commercial Bank (兆豐國際商銀), also confirmed yesterday that it had obtained a US court order to seize one of the residences of Wang's wife, Wang Chin She-ying (王金世英), located in South Pasadena, California.

The residence is worth more than US$1 million.

The bank reported a bad loan loss amounting to some NT$5 billion from the Rebar group.

Other creditor banks also said they expected Gary Wang (王令麟), chairman of Eastern Multimedia Group (東森多媒體), would honor his pledge made in January to repay NT$500 million in two years for his personal endorsement of a syndicated loan of NT$1.4 billion to Chia Hsin Food & Synthetic Fiber Co (嘉新食品化纖).

Their remarks came after they learned that Wang, a guarantor for insolvent Chia Hsin, is one of eight Taiwanese billionaires in Forbes' latest rich list.

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