Chung Shing Bank President, Wang Yu-yun (
Evidence implicating Wang, a former Kaohsiung Mayor, in the over-extension of loans to the Taiwan Pineapple Corp. has been mounting.
Both Wang and Wang Shuen-ren (
PHOTO: LIBERTY TIMES
By interrogating the two Wangs together prosecutors hoped to clarify who had the authority and actually acted to grant three loans in March worth a total of NT$840 million to Taiwan Pineapple.
The two Wangs have, so far, tried to pin the blame on each other.
Wang Shuen-ren, detained since April 29 on suspicion of financial impropriety, claimed that in his position as general manager, he did not have the authority to grant loans exceeding NT$20 million.
Instead, he accused Wang Yu-yun of authorizing the loans.
Prosecutors have seized as evidence documents concerning authorization of the loans to Taiwan Pineapple and another seven dummy accounts used by the company's chairman Huang Tsung-hung (
Wang Yu-yun, who was freed on bail of NT$3 million after an initial interrogation on May 3, claimed yesterday that the general manager actually had the authority to grant loans up to NT$100 million and that Wang Shuen-ren had authorized the loans in question.
When confronted with documents bearing his signature, Wang Yu-yun reportedly admitted that he had authorized the loans, but under circumstances in which he did not know that the total amount had exceeded legal limits.
During two hours of questioning at the Taipei District Prosecutors' Office, the sounds of yelling and sometimes even crying, were heard by dozens of reporters outside the room.
The scandal broke in late April, after an investigation into suspicions that the bank had extended credit to Taiwan Pineapple -- much of it without collateral. It was also discovered that nearly NT$120 million out of the loans to Taiwan Pineapple had been transferred to the accounts of a company owned by Wang Yu-yun, who is also considered to be a political heavyweight in southern Taiwan.
Prosecutors are still investigating whether the transfer was a kickback from Huang to Wang Yu-yun in return for providing the illegal loans.
With the evidence against him mounting, the 75-year-old former Kaohsiung mayor was said to have broken down in tears during the interrogation yesterday, exclaiming he had "trusted the wrong guy" -- Wang Shuen-ren -- causing him to suffer great hardship at his advanced age.
National media also reported yesterday that Wang Shuen-ren was introduced to Wang Yu-yun, and took the job at the Chung Shing Bank after he resigned as general manager of TaipeiBank in 1996 amid allegations that he had made illegal loans. His recommendation letter to the bank was written by Premier Vincent Siew (
Wang Shuen-ren remained in detention after yesterday's interrogation. Wang Yu-yun, who appeared extremely embarrassed, made no comment when he left the prosecutors office except for saying: "Everyone is mistreating me."
A team of seven regulators from the Central Deposit Insurance Corp. (
Officials from the Ministry of Finance charged that Chung Hsin violated a rule that limits banks from lending more than 40 percent of their net worth to a single customer. The bank's net worth has dropped since early this year, pushing the bank's loans to Taiwan Pineapple over the legal limit.
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