Eastern Multimedia Group (
The banks lacked confidence in Eastern Multimedia, said Chen An-hsiung (
Chen said the banks were concerned about Eastern Multimedia's liquidity and had to engage in risk control to protect its assets, Chen said.
Eastern Multimedia had hoped the banks would partially finance the NT$15 billion required to build a headquarters in Guandu (關渡), Taipei.
Eastern Multimedia Chairman Gary Wang (
Chang Hwa Bank (彰化銀行) said they had opted out of the loan after evaluating the situation.
"We are conservative about Eastern Multimedia's financial situation," Chang Hwa spokesman Miles Chang (
Chang Hwa Bank and three other creditor banks will meet with Gary Wang this afternoon to negotiate the repayment of a NT$6.3 billion loan to Rebar affiliate Chia Hsin Food and Synthetic Fiber Co (
Gary Wang said he would not attempt to shirk responsibility for the debts. He also said in a statement released yesterday he had canceled business trips to Hong Kong, Japan and the US. over the next three months.
The Financial Supervisory Commission said yesterday that deals signed between Rebar Group and Eastern Multimedia over the last 10 years would be investigated.
“We will pass the cases on to the prosecutors if we find any evidence of
misconduct,” commission spokeswoman Susan Chang (張秀蓮) said.
The commission said it would work with market regulators such as the Taiwan
Stock Exchange to strengthen the monitoring of listed companies.
Chang also said the commission had requested that the courts immediately
inform it of any applications from publicly traded firms for restructuring
or bankruptcy protection so that it can protect investors' rights and
interests.
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