The Jin Wen Group (景文集團), owned by ROC Sports Federation president Chang Wan-li (張萬利), has found itself in a severe financial crisis, according to reports, and has issued checks for tens of millions of NT dollars, even though funds are not available to honor them.
Creditors flocked to its headquarters yesterday seeking explanations, but the whereabouts of Chang and his family members remains unknown.
Jin Wen group operates a diverse array of businesses, including construction companies, industrial enterprises, schools and investment firms. Its more high-profile operations include the Jin-Wen Institute of Technology (景文技術學院), Jin-Wen Senior High School (景文高中) and the Kuantienhsia Restaurant (冠天下餐廳), all situated in Taipei.
The combined monthly management expenses for both schools is estimated at over NT$ 30 million, leading to speculation that the schools will be seriously affected by the financial difficulties Jin Wen Group is in.
Jin-Wen Institute of Technology yesterday officially announced that Chang had submitted his resignation as president of the college, citing "personal reasons."
A new president is to be elected on July 17.
The announcement also stated that salaries for school employees had not been affected, and that July paychecks would be issued on time.
Li Wu-nan (
Responding to questions concerning the financial condition of the Jin Wen Group, Li was unable to offer any clear explanation. "I only know that Chang has been ill and is staying in Canada to recover ... he has not been in touch [with the ROC Sports Federation] for a long time," Li said.
The Kuantienhsia Restaurant, located on Taipei's Changan East Road, is currently closed. When asked by the media if the closure was related to the financial predicament surrounding its owner, the restaurant's manager brushed off the question, saying that the restaurant was temporarily undergoing renovations.
Reports indicate that five years ago the Jin Wen Group invested more than US$40 million constructing buildings and shopping centers in Vietnam, yet the timing of the investments proved to be disastrous -- coinciding with the Asian financial crisis.
Sources said that Chang even borrowed money from school employees in an attempt to help the group ride out its financial woes.
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