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Thu, Mar 02, 2000 - Page 3 News List

Court hears evidence in Kuangsan case


Just as a controversy over a raid on the home of former Legislative Yuan Speaker Liu Sung-pan (劉松藩) begins to fade, Taichung District Judge Chuang Shen-yuan (莊深淵) yesterday heard arguments from the key defendants in the multibillion dollar case involving financial irregularities of the Kuangsan Enterprise Group (廣三集團).

Tseng Cheng-jen (曾正仁), president of the Kuangsan Enterprise Group and chairman of the board of Taichung Business Bank (台中企銀), is suspected of three financial irregularities estimated to have a value of nearly NT$25 billion, including: illegal bank loans of over NT$7.4 billion, embezzlement of nearly NT$8 billion from a subsidiary company of the group and illegal stock transactions worth over NT$8.4 billion.

Yesterday's hearing also looked into Tseng's relations with Chiao Chih Company, owned by KMT legislator Chang Wen-yi (張文儀), who allegedly borrowed NT$1.5 billion from the bank.

Tseng, who has been under detention since last Monday, told the judge yesterday he did not know the company had borrowed money from the bank or that Chang was the firm's owner.

Chang contradicted Tseng's testimony, claiming Tseng had encouraged him to apply for the loan.

Tseng's request for bail has been denied.

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