District prosecutors and investigators yesterday raided the Ministry of Transportation and Communications and Taiwan High Speed Rail Corp (THSRC, 台灣高鐵) to retrieve documents as part of a probe into whether THSRC had engaged in illegal deals.
Prosecutors have been looking into the company’s cash flow since January on suspicions that it had manipulated property prices. Prosecutors said before construction began on some of the high-speed rail stations, prices of property near the locations started to soar.
They had also received reports accusing certain individuals of profiteering and breach of trust during the planning and construction phases of the project.
The Taipei District Prosecutors’ Office on Wednesday created a team of six prosecutors who were assigned to work on the case.
Prosecutors yesterday visited the ministry and THSRC offices to collect papers and documents as part of their investigation, but they played down their actions, saying it was not a search or a raid.
Prosecutors said they were mainly investigating whether illegal profits had flowed into private businesses and whether government officials had engaged in influence peddling during the construction of the railway.
Prosecutors said they would question government officials and the company’s management if the investigation called for it.
The government owns almost 40 percent of the company’s shares. THSRC has accumulated more than NT$450 billion (US$13.8 billion) in debt and is seeking a syndicated loan for NT$390 billion.
On Tuesday, former THSRC chairwoman Nita Ing (殷琪) resigned from her post and an ad hoc board meeting elected chief executive Ou Chin-der (歐晉德) to replace her.
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