One of the nation's 10-most wanted fugitives, former Tuntex Group president Chen Yu-hao (
The fugitive's letters had been faxed from China to several pan-blue camp legislators.
However, while the much of the media attention was focused yesterday on whether the president had accepted any contributions from the tycoon, many people wondered how the businessman could be investing so heavily in China given the size of the debts he left in Taiwan.
Chen Yu-hao was charged with embezzling NT$800 million from Tung Hua Development Corp and owes more than NT$23 billion to state-run banks.
The Taipei District Court had issued an arrest warrant for him last May when it listed him and his wife, Lin Fu-mei (
According to a report by the Win-Win Weekly last July, the tycoon and his companies have debts as much as NT$100 billion in this country.
This includes money owed by Grand Union Construction Co, a major holding company that changed its name from Tuntex Group Construction Co; Tung Hua Development Corp, which built the Daguan housing district in Hsintien City; Tuntex Distinct Corp and Tuntex Petrochemicals, in which Chen Yu-hao owns 50 percent of the shares.
He reportedly arrived in Beijing on June 13 last year.
He remains an influential magnate in the US, Thailand and China. In particular the Xiamen Xianglu Group, which paid more than 600 million yuan in taxes last year, has set a stable foundation for him to cultivate his influence in China, where his businesses are growing.
He helped build Donglian Mansion near Beijing's Desheng Gate in partnership with the Taiwan Affairs Office of the Beijing City Government. The building houses some city government offices.
The tycoon has said the Tuntex group now exists in name only in Taiwan. Over the past few years, he has divided the conglomerate into independent entities so that the good companies could avoid being encumbered by the financially unsound ones.
The brilliant blue waters, thick foliage and bucolic atmosphere on this seemingly idyllic archipelago deep in the Pacific Ocean belie the key role it now plays in a titanic geopolitical struggle. Palau is again on the front line as China, and the US and its allies prepare their forces in an intensifying contest for control over the Asia-Pacific region. The democratic nation of just 17,000 people hosts US-controlled airstrips and soon-to-be-completed radar installations that the US military describes as “critical” to monitoring vast swathes of water and airspace. It is also a key piece of the second island chain, a string of
A magnitude 5.9 earthquake that struck about 33km off the coast of Hualien City was the "main shock" in a series of quakes in the area, with aftershocks expected over the next three days, the Central Weather Administration (CWA) said yesterday. Prior to the magnitude 5.9 quake shaking most of Taiwan at 6:53pm yesterday, six other earthquakes stronger than a magnitude of 4, starting with a magnitude 5.5 quake at 6:09pm, occurred in the area. CWA Seismological Center Director Wu Chien-fu (吳健富) confirmed that the quakes were all part of the same series and that the magnitude 5.5 temblor was
The Central Weather Administration has issued a heat alert for southeastern Taiwan, warning of temperatures as high as 36°C today, while alerting some coastal areas of strong winds later in the day. Kaohsiung’s Neimen District (內門) and Pingtung County’s Neipu Township (內埔) are under an orange heat alert, which warns of temperatures as high as 36°C for three consecutive days, the CWA said, citing southwest winds. The heat would also extend to Tainan’s Nansi (楠西) and Yujing (玉井) districts, as well as Pingtung’s Gaoshu (高樹), Yanpu (鹽埔) and Majia (瑪家) townships, it said, forecasting highs of up to 36°C in those areas
IN FULL SWING: Recall drives against lawmakers in Hualien, Taoyuan and Hsinchu have reached the second-stage threshold, the campaigners said Campaigners in a recall petition against Chinese Nationalist Party (KMT) Legislator Yen Kuan-heng (顏寬恒) in Taichung yesterday said their signature target is within sight, and that they need a big push to collect about 500 more signatures from locals to reach the second-stage threshold. Recall campaigns against KMT lawmakers Johnny Chiang (江啟臣), Yang Chiung-ying (楊瓊瓔) and Lo Ting-wei (羅廷瑋) are also close to the 10 percent threshold, and campaigners are mounting a final push this week. They need about 800 signatures against Chiang and about 2,000 against Yang. Campaigners seeking to recall Lo said they had reached the threshold figure over the
RSS