State-controlled Chang Hwa Bank (彰化銀行) incurred the highest amount of bad debts among the nation's lenders that were stricken by the recent defaulted loans crisis, according to data disclosed yesterday.
The Financial Supervisory Commission (FSC) announced on March 1 that all banks were required to publicly identify customers who have defaulted on loans exceeding NT$100 million (US$3 million) as of last June on their Web sites yesterday.
The total amount of bad debts was NT$370 billion (US$11.2 billion) defaulted by no more than 1,500 accounts shared by 42 local banks and 33 foreign lenders in Taiwan, the FSC said.
Chang Hwa posted bad debts amounting to NT$52 billion defaulted by 183 debtors as of last June, making it the bank with the worst record for bad loans.
It is followed by state-controlled Mega International Commercial Bank's (兆豐國際商銀) NT$33 billion from 103 accounts, and the state-run Bank of Taiwan's (台灣銀行) NT$32.1 billion from 98 accounts, the figures showed.
Most state-controlled lenders incurred defaulted loans exceeding NT$10 billion, including Taiwan Cooperative Bank's (
Mega International's figures were a combination of its predecessors, China International Commercial Bank (中國國際商銀) and Chiao Tung Bank (交通銀行), which merged last year.
"The disclosure was made in response to public opinion against malicious bad debtors," said Jong Huey-jen (鍾慧貞), deputy director-general of the Banking Bureau.
For companies or individuals, the disclosure by the banks showed that Chinese Automobile Co (
These debts also included bad debts of NT$7.35 billion at An Feng Steel (安鋒鋼鐵), NT$4.899 billion at Chen An Steel (振安鋼鐵) and NT$3.957 billion at Feng An Metal Co (峰安金屬). All were owned by former Kaohsiung City councilor Chu An-hsiung (朱安雄).
Ever Fortune Industrial Co (
Some of the management or people in charge of debt-ridden firms, such as Chu
and Chen, are on the run abroad.
The disclosure would spark public condemnation of these people, FSC chairman
Hu Sheng-cheng (胡勝正) said earlier yesterday.
The government will try to resort to “other measures” to bring them to
justice, Hu said without further elaborating.
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