Authorities in Kaohsiung have charged the principal figures of three companies who allegedly ran a financial scam in which they made NT$1.9 billion (US$57.3 million) in profit in just over a year by enticing people to invest money in a tie-in scheme involving the RCD Espanyol soccer club, which is a renowned team in Spain’s top flight, La Liga.
Public prosecutors yesterday indicted top executives of Kuanchou Asset Management Co, including owner Chen Hsiu-an (陳修安), 37, sales manager Chen Po-yen (陳柏諺), 47, and several business associates for financial fraud, money laundering and other charges related to violations of the Banking Act (銀行法), after arresting them earlier this week.
Kaohsiung District Prosecutors’ Office officials said Kuanchou Co and its associates lured people with the promise of investing in shares of Power 8, sponsor of Espanyol which has naming rights on the team's kit and other endorsements, while some investors were offered business-class flights and tickets to watch Espanyol play against other La Liga teams.
The principals of Kuanchou Co claimed they had a business tie-in with Power 8, a gaming company registered in Costa Rica and with an office in Spain.
Kuanchou Co promotional brochures prominently featured the Espanyol club, its players and their stadium, which is based in Barcelona.
It has been reported that the operators of Kuanchou Co’s alleged scam also offered investments in Macau’s casinos and gold trading firms, promising profitable returns.
Officials said there were more than 400 Taiwanese who put up the money, as the operators of the scam made a profit of about NT$1.9 billion in just over a year, with many investing US$50,000 with the promise of being able to watch Lionel Messi, Neymar, Luis Suarez, Cristinao Ronaldo and other stars in action in matches against Espanyol.
Authorities said the scam was created in collusion with a man called “Phillipe,” who police said was an employee at Power 8, and that “Philippe” collaborated with a group of companies in Kaohsiung, headed by Kuanchou Co.
They said the man in question could be “Philippe Capelle,” who is purportedly a manager at Power 8, which besides being sponsors of Espanyol also have deals with English soccer teams Everton and Fulham.
According to international media reports, the scam has been exposed as a devious financial operation used to swindle money and has been described as a “US$250 million ponzi fraud, selling shares to poorly protected investors in Taiwan, India, Hong Kong, Singapore and China.”
Taiwan would benefit from more integrated military strategies and deployments if the US and its allies treat the East China Sea, the Taiwan Strait and the South China Sea as a “single theater of operations,” a Taiwanese military expert said yesterday. Shen Ming-shih (沈明室), a researcher at the Institute for National Defense and Security Research, said he made the assessment after two Japanese military experts warned of emerging threats from China based on a drill conducted this month by the Chinese People’s Liberation Army’s (PLA) Eastern Theater Command. Japan Institute for National Fundamentals researcher Maki Nakagawa said the drill differed from the
‘WORSE THAN COMMUNISTS’: President William Lai has cracked down on his political enemies and has attempted to exterminate all opposition forces, the chairman said The legislature would motion for a presidential recall after May 20, Chinese Nationalist Party (KMT) Chairman Eric Chu (朱立倫) said yesterday at a protest themed “against green communists and dictatorship” in Taipei. Taiwan is supposed to be a peaceful homeland where people are united, but President William Lai (賴清德) has been polarizing and tearing apart society since his inauguration, Chu said. Lai must show his commitment to his job, otherwise a referendum could be initiated to recall him, he said. Democracy means the rule of the people, not the rule of the Democratic Progressive Party (DPP), but Lai has failed to fulfill his
OFF-TARGET: More than 30,000 participants were expected to take part in the Games next month, but only 6,550 foreign and 19,400 Taiwanese athletes have registered Taipei city councilors yesterday blasted the organizers of next month’s World Masters Games over sudden timetable and venue changes, which they said have caused thousands of participants to back out of the international sporting event, among other organizational issues. They also cited visa delays and political interference by China as reasons many foreign athletes are requesting refunds for the event, to be held from May 17 to 30. Jointly organized by the Taipei and New Taipei City governments, the games have been rocked by numerous controversies since preparations began in 2020. Taipei City Councilor Lin Yen-feng (林延鳳) said yesterday that new measures by
A rally held by opposition parties yesterday demonstrates that Taiwan is a democratic country, President William Lai (賴清德) said yesterday, adding that if opposition parties really want to fight dictatorship, they should fight it on Tiananmen Square in Beijing. The Chinese Nationalist Party (KMT) held a protest with the theme “against green communists and dictatorship,” and was joined by the Taiwan People’s Party. Lai said the opposition parties are against what they called the “green communists,” but do not fight against the “Chinese communists,” adding that if they really want to fight dictatorship, they should go to the right place and face