Farglory Land Development Co, the flagship unit of Farglory Group, said yesterday it will press ahead with the low-price housing project in Taoyuan County, but will refrain from further joint ventures with the government to avoid bribery scandals.
The leading developer made the statement one day after investigators raided its headquarters in Taipei’s Xinyi District (信義) in connection with a bribery probe involving former Taoyuan County deputy commissioner Yeh Shi-wen (葉世文).
Farglory Development allegedly bribed Yeh to overlook four other firms to win a bid last month for three plots of land that are reserved for affordable apartment complexesin Taoyuan’s Bade City (八德).
“I cannot make any remarks that may weigh the case one way or the other except to say that the company will try its best to defend employees who are accused,” company communications vice president Tsai Chung-i (蔡宗易) said by telephone.
Four Farglory executives, including company chairman Chao Teng-hsiung (趙藤雄), were released on bails of up to NT$5 million (US$166,000) after questioning linked to the scandal.
Prosecutors are appealing Chao’s bail.
It is not the first time the executive has been embroiled in legal trouble this year.
The 69-year-old developer was summoned last month by a Taipei district court for controversial loans made to Liu Cheng-chih (劉政池), brother of Miaoli County Commissioner Liu Cheng-hung (劉政鴻), to build a mason on public land.
The bribery probe does not disrupt Farglory’s operations or finances, and the company has no intention of buying back its stocks after the Dragon Boat Festival holiday to calm potential investor jitters, Tsai said.
The company intends to go ahead with the Taoyuan development project, which is to feature 950 apartment units priced at NT$145,000 per ping (3.3m2) on plots totaling 6,439 ping, he said.
The company will seek compensation if the county government unilaterally calls off the deal, Tsai said, adding that it has not heard from the government so far.
However, Farglory will avoid further participation in government-linked development projects, which tend to have low profit margins and are prone to legal controversy, Tsai said.
The Taoyuan affordable housing project is expected to generate a profit margin of 10 to 15 percent, much lower than private deals, the company said earlier.
The developer aims to achieve a double-digit increase in construction volume this year from last year at NT$55 billion, Tsai said.
The company is launching new home projects in Taipei, New Taipei City, Taoyuan, Hsinchu, Greater Taichung, Greater Tainan and Greater Kaohsiung this year rather than focusing its attention on Geater Taipei, Tsai said.
Farglory shares closed down 0.27 percent to NT$50 on Friday, beating the TAIEX’s 0.36 percent fall, Taiwan Stock Exchange data showed.
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