Liu Tai-ying released on largest bail in nation's history

Taipei Judge Lin Chuan-cheng (林銓正) yesterday decided to release China Development Holding Corp Chairman Liu Tai-ying (劉泰英) on NT$60 million -- the highest bail in Taiwan's judicial history -- and forbid him from relocating.

Liu was transferred from the Taipei District Prosecutors' Office to the Taipei District Court around 5:30pm on Friday after prosecutors indicted him on eight charges for his involvement in 12 separate corporate scandals and suggested a 16-year sentence for him.

However, the court to decide whether to prolong Liu's detention or release him on bail did not begin until 9:20pm due to a shortage of manpower, according to the Taipei District Prosecutors' Office.

Lin's first statement in court was to lash out at prosecutors for their delay.

"You guys held the press conference around 10am but the first official indictment was not available until 5pm. Why? In addition, what were you busy doing between 5pm until now? We have waited for another four hours for nothing," said Lin.

Taipei Prosecutors Dai Tung-li (戴東麗) and Yueh Fang-ju (越芳如) apologized to Lin and said that prosecutors have tried their best to wrap up the case as soon as possible but that the prosecutors' office had a serious manpower shortage.

At approximately 11:45pm on Friday, Lin decided to release Liu on NT$60 million bail and forbid him from relocating.

Liu's defense counsels Chung Yung-sheng (鍾永盛) and Chang Chuan (張權) had requested that the bail be lowered but the request was immediately rejected.

"This is the court, not a flea market. There is no room for haggling," Lin said at court.

Liu finally walked out of the court building around 1:45am yesterday, after his family members successfully collected NT$60 million in cash to bail him.

When approached by reporters, Liu was still optimistic about his case and insisted his innocence.

"I still believe that judges will prove me innocent. But the NT$60 million bail did astonish me," he said.

On Friday night, China Development Holding Corp Acting Chairwoman Diana Chen (陳敏薰) rented a hotel room and hired a barber for Liu at the Grand Formosa Regent Taipei. Liu headed directly to the hotel after his release.

According to Chen, Liu is still in charge and will return to work at the China Development Holding Corp on Monday.

For Liu's involvement in 12 separate corporate scandals, Taipei Chief Prosecutor Lin Jinn-tsun (林錦村) recommended a 16-year sentence for theft, corruption, breach of trust, document forgery and violating the Securities Transaction Law (證券交易法), the Corporation Law (公司法), the Money Laundering Control Law (洗錢防制法) and Business Accounting Law (商業會計法).

However, according to the prosecutors' office, Liu did not admit to any of the charges.

Liu was originally under investigation for allegedly accepting a NT$1.06 billion kickback from Su Hui-chen (蘇惠珍), a majority shareholder of Zanadau Development Corp (新瑞都), in return for a promise to help her secure bank financing in 1995.

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