Prosecutors detained two businessmen yesterday in connection with a suspected NT$1.8 billion fraudulent land deal involving state-run Taiwan Development and Trust Corp (
After simultaneous raids at eight locations, prosecutors detained and questioned Kao Chien-wen (
Prosecutors also questioned an official from a real estate appraisal firm.
Prosecutors held Kao and Chou after the questioning, which lasted from late Wednesday night to early yesterday morning.
Chou, who was later released on NT$5 million bail, said he was not involved in Taiwan Development's land purchases.
Investigators say Yuansen Internet sold a 22,000 ping plot of land in Yangmei, Taoyuan County, in November last year. They suspect that Chou and Kao created a false evaluation of the plot, raising its value from NT$845 million to NT$1.8 billion.
Prosecutors also said they plan to summons Liu Chin-piao (劉金標), chairman of Taiwan Development, and Gary Wang (王令麟), a legislator and chairman of Yuansen Internet.
Investigators suspect Chou received kickbacks from Yuansen Internet over the deal.
Apart from the Web firm, Chou also holds important positions in several Rebar Group companies, including deputy general manager of Rebar Construction Development Corp (
Meanwhile, Yuansen Internet officials denied at a press conference yesterday that there was anything illegal about the land deal.
Liao Shang-wen (
Liao also added that there was nothing extraordinary about the NT$80,000 per ping rate. The company official also denied that Chou was ever employed by Yuansen Internet and that the commission paid to Chou for brokering the land deal was in accord with market standards.
Taiwan Development is now in a position to terminate its contract with Yuansen Internet, which has failed to transfer the rights to use hot springs and roads on the plot on time. Taiwan Development may also demand compensation of up to double the value of the land deal.
Yuansen Internet may propose a joint development project with Taiwan Development in an attempt to settle the case, local media reported yesterday.
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