Taipei prosecutors last night released Cosmos Bank founder and former chairman Hsu Sheng-fa (許勝發), his son, former vice chairman Hsu Sen-rong (許顯榮), and daughter, Hsu Juan-juan (許娟娟), on bail after questioning them over their alleged involvement in an embezzlement case.
Taipei District Prosecutors' Office spokesman Lin Jinn-tsun (林錦村) said five individuals were summoned yesterday: Hsu Sheng-fa, Hsu Sen-rong, Hsu Juan-juan, Cosmos Bank official Shen Ming-ching (沈明津) and former inspector of Cosmos Bank Charles Chen (陳致遠).
The five were questioned by agents from the Ministry of Justice's Investigation Bureau in the morning at one of the bureau's offices, and in the afternoon they were moved to the Taipei District Prosecutors' Office for further interviews by prosecutors.
Hsu Sheng-fa currently is the chairman of Auto 21. Prosecutors believe that between 2001 and 2006, the Hsus used more than 10 Auto 21 subsidiaries to apply for loans from the bank, and that under their direction the bank illegally granted the loans, believed to be valued at about NT$800 million (US$24.7 million).
Between 2004 and 2005, the pair allegedly used several plots of land as collateral for loans of more than NT$1.8 billion from the bank, which granted the loans despite the fact that the real value of the land was much lower than indicated, prosecutors said.
In addition, in 2004 the Hsus allegedly sold NT$15 billion in non-performing loans to Asset Management Company, a subsidiary of Auto 21, for NT$1 billion -- far less than the market price, prosecutors said, adding that the company had only paid the bank NT$30 million.
Hsu Sheng-fa was released on NT$35 million bail and Hsu Sen-rong on NT$20 million bail, while Hsu Juan-juan was released on NT$15 million bail.
Chen, who was investigated as a witness, was released without bail after questioning.
Additional reporting by CNA
Taipei has once again made it to the top 100 in Oxford Economics’ Global Cities Index 2025 report, moving up five places from last year to 60. The annual index, which was published last month, evaluated 1,000 of the most populated metropolises based on five indices — economics, human capital, quality of life, environment and governance. New York maintained its top spot this year, placing first in the economics index thanks to the strength of its vibrant financial industry and economic stability. Taipei ranked 263rd in economics, 44th in human capital, 15th in quality of life, 284th for environment and 75th in governance,
The Sports Administration yesterday demanded an apology from the national table tennis association for barring 17-year-old Yeh Yi-tian (葉伊恬) from competing in the upcoming World Table Tennis (WTT) United States Smash tournament in Las Vegas this July. The sports agency said in a statement that the Chinese Taipei Table Tennis Association (CTTTA) must explain to the public why it withdrew Yeh from the WTT tournament in Las Vegas. The sports agency said it contacted the association to express its disapproval of the decision-making process after receiving a complaint from Yeh’s coach, Chuang
Control Yuan Secretary-General Lee Chun-yi (李俊俋) tendered his resignation last night, admitting that he had misused a government vehicle, as reported by media. His resignation was immediately accepted by the Control Yuan. In a statement explaining why he had resigned, Lee apologized for using a Control Yuan vehicle to transport his dog to a pet grooming salon on May 20. The issue first came to light late last month, when TVBS News reported that Lee had instructed his driver to take the dog to the salon. The news channel broadcast photos that it said were taken by an unnamed whistle-blower, which purportedly showed the
A former officer in China’s People’s Liberation Army (PLA) who witnessed the aftermath of the 1989 Tiananmen Square massacre has warned that Taiwan could face a similar fate if China attempts to unify the country by force. Li Xiaoming (李曉明), who was deployed to Beijing as a junior officer during the crackdown, said Taiwanese people should study the massacre carefully, because it offers a glimpse of what Beijing is willing to do to suppress dissent. “What happened in Tiananmen Square could happen in Taiwan too,” Li told CNA in a May 22 interview, ahead of the massacre’s 36th anniversary. “If Taiwanese students or