Against the backdrop of the ongoing Taiwan Pineapple Group (
Chen Chi-mai (陳其邁), Chen Chi-yao's brother and a Democratic Progressive Party (DPP) legislator, denied the accusation
PFP Legislator Norman Yin (
"However, Chen managed to mortgage his land with Taiwan Pineapple, Chung Hsing Bank and Union Bills Finance Corporation for almost NT$2 billion, which is about 80 times the value of the land," Yin said.
Yin said that Chen Chi-yao sold the land to his own Hsienli Investment Co and the company then resold the land to Dimen Arts Co, a Taiwan Pineapple affiliate.
"After Chen Chi-yao over-borrowed, Taiwan Pineapple went broke and Chung Hsing Bank's business went downhill, but the people involved in the deal all got rich," Yin said.
Chen Chi-mai disputed the PFP's accusation, saying his brother's land transaction was legal.
"My brother and his friends invested NT$350 million together to buy the land and sold the land in December, 1997. They mortgaged the land to Union Bank for only NT$240 million, and did not mortgage from Chung Hsing Bank nor Taiwan Pineapple," Chen Chi-mai said.
"There is no such thing as over-borrowing," Chen Chi-mai said.
Chen Chi-mai also said that Hsienli Investment Company was not owned by his brother but by someone else, and that Hsienli later was merged into Dimen.
The Taiwan Pineapple scandal started earlier this week with former Taiwan Pineapple Group (
Two days ago Huang wrote to the media saying that he once paid NT$ 10.91 million in land-value incremental tax for Lien and Lien did not pay back the money that he had paid him.
The pan-blue camp denied the accusation.
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