Chairwoman of the Asiaworld Internationale Group Emilia Roxas (
Roxas, who was once referred to as the richest woman in Asia, was called to a hearing before Judge Cheng Li-yen (
During the hearing the judge questioned the financial condition of the group, which has a total asset value of around NT$80 billion, and asked why repayments to the two banks had been canceled.
Despite her arguments that the group did not dodge the repayments, the judge ordered Roxas to be detained until she offered at least NT$3 million as a security deposit to the court.
Before she entered the courtroom, Roxas said she felt unsure as to why the judge had decided to call the session. Asiaworld Internationale has been negotiating with the two banks in question and some 20 other banks on debt repayments, she said.
She said the group currently has outstanding loans of NT$25 billion.
The judge said Roxas had assured a court hearing in June that her group could repay the debts monthly with rent collected from tenant stores on the ground and first floors of the Asiaworld Department Store located in Eastern Taipei. The court back then issued an order preventing Asiaworld from using the rental income for other purposes.
However, Judge Cheng said she had discovered the group had not forwarded income from those tenants to repay its debts as it had promised to.
Roxas' lawyer, John Chou (
The lawyer added that the group had in fact used the rental income to repay debts to banks other than the two in this case.
However, the judge decided that Roxas was not honest about the financial condition of the group and ordered her to be detained until the group provided at least NT$3 million in cash to the court as a security deposit.
Roxas was sent to a detention room in the court around 11:30am. Ching Kao (荊皋), chairman of the Asiaworld Department Store, submitted the NT$3.5 million in cash to the court around 3:30pm.
However, Roxas was not released until 6:30pm when the judge finally returned to the courthouse after an absence for the afternoon.
The judge reasoned that Roxas could be released as she has given assurances that her group will repay the debts in question.
Roxas also said she would meet with the banks next week to discuss a schedule for debt repayments, the judge said.
Asiaworld Internationale entered the Taiwan market in late 1970 following Taiwan's withdrawal from the UN. The group then made huge profits from investing heavily in real estate. It subsequently developed a department store, brokerage, and hotel.
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