The Taipei District Court yesterday ruled that former Mega Financial Holding Co (兆豐金控) executives Mckinney Tsai (蔡友才) and Wang Chi-pang (王起梆) should be detained on accusations of financial irregularities that contravened the Securities and Exchange Act (證券交易法) and the Banking Act (銀行法).
The court held an overnight hearing and announced its decision at 5:20am.
The judges concurred with the reasons stated in the prosecutors’ motion, citing the duo’s involvement in alleged financial irregularities; alleged serious violations including forgery of documents and breach of trust; the likelihood of their collusion and tampering with evidence; and that they would flee the nation.
Photo: Huang Yao-cheng, Taipei Times
During the hearing, Tsai appealed to the judges to release him on bail, saying he would fully cooperate with the investigation, attend judicial proceeding as required and promise not to flee the nation.
Tsai added that he was diagnosed with Parkinson’s disease three years ago and he requires regular medication, so his health could deteriorate to a life-threatening condition if he was detained.
The two were later transferred to the Taipei Detention Center.
The court appearance came after prosecutors conducted raids on Monday, before summoning 18 people for questioning, including Tsai, Wang, Ruentex Group (潤泰集團) chairman Samuel Yin (尹衍樑) and former Chien Chi Asset Management Co (鑒機資產管理) chairman Steve Hsieh (謝泓源).
Yin was released after questioning on Tuesday, while Hsieh was released after posting NT$200,000 bail.
Tsai was chairman of both Mega Financial and its flagship banking unit Mega International Commercial Bank (兆豐銀行), while Wang was a former Mega Financial chief secretary and an aide to Tsai.
Prosecutors said the men had been evasive, giving conflicting accounts while attempting to shirk responsibility when questioned about loans of up to NT$20 billion (US$638 million) to Chien Chi, a Ruentex subsidiary.
Prosecutors said that Ruentex subsidiaries received NT$28.9 billion in loans from Mega Bank when Tsai was the bank’s chairman, but media personality Vivian Tsai (蔡玉真) alleged that Yin’s companies had obtained more than NT$73.7 billion from Mega Bank, accusing Yin of using unscrupulous means, undue influence and his personal relationship with Mckinney Tsai to benefit financially.
She urged the financial regulator to look into the case.
Mckinney Tsai and Wang have been listed as defendants in a money laundering case related to Mega Bank’s branches in New York and Panama.
Citing poor health, Mckinney Tsai resigned as chairman of Mega Financial in March, but a month later he was appointed chairman of Chien Chi.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source