Eleven banks yesterday urged former Tuntex chairman Chen Yu-hao (陳由豪), who has defaulted a syndicated loan of over NT$50 billion in Taiwan, to come up with a repayment plan soon.
"Chen Yu-hao's leaving huge debts behind in Taiwan has seriously damaged the nation's economic and financial orders," said a written statement released by the group of bankers during a press conference attended by senior bankers from including Tsai Jer-shyong (蔡哲雄), president of First Financial Holding Co (第一金控), Lee Sheng-yann (李勝彥), president of the Bank of Taiwan and William Tseng (曾銘宗), president of the Taiwan Cooperative Bank (合作金庫).
Manipulation
The bankers yesterday said that Chen Yu-hao has attempted to manipulate the presidential elections by accusing the president of accepting political contributions from him without returning any favors. Chen Yu-hao has made his allegations from the US while having done nothing to resolve his debts, they said.
They also accused Chen Yu-hao, who is currently in exile in the US, of setting a very bad example for other entrepreneurs, since the principle of entrepreneurship is to shoulder responsibility for business failures and show integrity and repay your debts.
Repayment plan
The bankers, therefore, urged Chen Yu-hao to return to Taiwan, shoulder his financial responsibilities and propose a feasible repayment plan soon.
In response, Chen Yu-hao yesterday said that he has been semi-retired for many years, and claimed to have no knowledge of the NT$50 billion worth of non-performing loans owed by his subsidiary companies.
Chen Yu-hao has been charged with embezzlement after allegedly stealing funds from his ailing companies after the Tuntex Group suffered huge losses when the nation's property market went into a slump a couple years ago.
The Central Weather Administration (CWA) yesterday said it expected to issue a sea warning for Typhoon Fung-Wong tomorrow, which it said would possibly make landfall near central Taiwan. As of 2am yesterday, Fung-Wong was about 1,760km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving west-northwest at 26kph. It is forecast to reach Luzon in the northern Philippines by tomorrow, the CWA said. After entering the South China Sea, Typhoon Fung-Wong is likely to turn northward toward Taiwan, CWA forecaster Chang Chun-yao (張峻堯) said, adding that it would likely make landfall near central Taiwan. The CWA expects to issue a land
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The Central Weather Administration (CWA) yesterday issued a sea alert for Typhoon Fung-wong (鳳凰) as it threatened vessels operating in waters off the Pratas Islands (Dongsha Islands, 東沙群島), the Bashi Channel and south of the Taiwan Strait. A land alert is expected to be announced some time between late last night and early this morning, the CWA said. As of press time last night, Taoyuan, as well as Yilan, Hualien and Penghu counties had declared today a typhoon day, canceling work and classes. Except for a few select districts in Taipei and New Taipei City, all other areas and city
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