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Group of bankers tells Chen Yu-hao to stop hiding and pay his bad loans

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.
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