The Taipei District Prosecutors' Office yesterday confirmed that Ministry of Justice special agents raided the offices and home of Ruentex Corp (
Chen Hung-ta (
Prosecutors said they are investigating whether they had overlooked any wrongdoing by associates of Liu's when he was trying to secure his position as the majority shareholder and the chairman of the company by illegally buying stock from minority shareholders.
On June 6, prosecutors recommended a 16-year jail term for Liu on eight charges related to 12 separate corporate scandals.
"Both Chen and Yin worked closely with Liu for years," Chen Hung-ta said yesterday. "Yin even called Liu his mentor. It is necessary for us to investigate them and request their help to clarify many questions during our investigation.
"We summoned Yin last week and we decided that it was necessary to search the places he uses for evidence, so we did. It was truly a coincidence that the raids and Diana Chen's summons occurred at the same time," he said.
Prosecutors on Thursday said they had found no evidence that Diana Chen was connected to Liu's alleged wrongdoing.
When approached by reporters yesterday, Chen Hung-ta said that several important account books had been discovered at Yin's office and residence during the raids on Wednesday.
On Thursday, Chen Chih-chuan (陳志全), who had served as a board member of China Development on Yin's behalf, quit the board.
Prosecutors are also investigating how the KMT lost about NT$80 billion between 1996 and 1997 when Liu, as chairman of the KMT Investment and Business Management Commission, gradually sold his party's majority stake in Bank SinoPac (
Prosecutors said that Bank SinoPac shares cost NT$30 each at the time but Liu sold them at less than NT$20 a share.
Liu then took the income from the deal and invested it in Pan Asia Bank (
After Yin bought the stocks from Liu and became the majority shareholder of Bank SinoPac, he immediately decided to merge the bank with the National Securities Corp (
In 2001, Yin and Liu began to work on a proposal to merge SinoPac Holding Corp and China Development Holding Corp.
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