Taipei prosecutors and special agents from the Ministry of Justice's Bureau of Investigation yesterday raided the Taipei residence of Tuntex Group former president Chen Yu-hao (陳由豪) on suspicion of the 1995 theft of NT$800 million from a group subsidiary.
Taipei Prosecutor Kuo Yung-fa (郭永發), who led yesterday's raid, would not comment on the results of the search.
According to the Taipei District Prosecutors' Office, Chen is suspected of withdrawing NT$800 million from Tunghua Development Corp and investing it in personal investments in China between 1995 and 1996. It said Chen's alleged behavior plunged both Tunghua and Tuntex deep into debt.
"We started to investigate this case last year and have regarded it as a serious alleged economic crime since hearing of it from the company's [Tunghua] shareholders," said Taipei District Prosecutors' Office spokesman Chen Hung-ta (陳宏達).
"Recently, prosecutors learned that Chen Yu-hao might be inclined to ask aides, friends or family members to destroy evidence of the alleged crime so we decided to launch the raid," he added.
The Tuntex Group is one of the country's largest conglomerates, incorporating department stores, property development and construction. Tunghua Development is a property development company.
Chen Hung-ta also said that prosecutors may summon Chen Yu-hao. Chen Yu-hao has been in hiding, along with his wife, in China since 1996.
"We may put them on the most wanted list if they don't show up when summoned," Chen Hung-ta said.
The Tuntex Group experienced a financial crisis in 1995 and 1996, which many now attribute to the suspected theft by Chen Yu-hao.
The China Development Holding Corp Chairman Liu Tai-ying (劉泰英), who is also the head of the Taiwan Research Institute (台綜院) and the former unofficial treasurer of the KMT, provided financial assistance to the company. Chen Yu-hao was closely connected to the KMT, to which he was a major donor.
Su Chih-cheng (蘇志誠), the former deputy head of the institute -- recently succeeded in the post by former president Lee Teng-hui's (李登輝) daughter Annie Lee (李安妮) -- became the president of the Tun Yun Corp (東雲公司), another subsidiary of the Tuntex Group, on Aug. 1 last year. Su left the institute in May this year. .
Both Su and Liu served as the close aides to Lee during his presidency. Lee has been the institute's honorary president since the end of his presidency and works regularly in an office at the research center in Tamsui.
The prosecutors' office yesterday stressed that their raid on Chen Yu-hao's residence had nothing to do with the scandal surrounding the Zanadau Development Corp. Liu was summoned by prosecutors in connection with that case on Nov. 27 and released without charge a day later.
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