Amid widespread outrage over the Taiwan High Court’s decision to release senior Ting Hsin International Group (頂新國際集團) executive Wei Ying-chun (魏應充) on NT$300 million (US$9.5 million) bail, complaints have also been raised about bailed suspects earning interest on their bail bonds.
Some prosecutors said amendments to the Code of Criminal Procedure (刑事訴訟法) allow Wei not only to stay in his apartment in Taipei’s upscale The Palace complex, but to earn about NT$42,000 in monthly interest on the money paid for his bail.
Previous legislation did not require the government to pay interest on bail bonds. However, since the Code of Criminal Procedure was amended last year, the government must pay interest when returning bail money to suspects, as long as the suspects had not jumped bail.
Chinese Nationalist Party (KMT) Legislator Liao Cheng-ching (廖正井) proposed the amendments, which stipulated that suspects who are convicted and imprisoned, those found not guilty and those whose charges are dropped are all entitled to interest on their bail money.
The amendment took effect last year following the Judicial Yuan’s announcement of the “Regulations on the Saving, Interests and Return of Criminal Bail Money” (刑事保證金存管計息及發還做業辦法規定). The interest rate is calculated from the date the bail money is put into a special account until it is withdrawn.
According to Taiwan Bank’s interest rate of 0.17 percent for checking accounts, interest on the initial NT$100 million that Wei put up for bail was calculated from Jan. 29 until Tuesday last week had earned NT$2,794 in interest.
After Wei’s bail was raised to NT$300 million on Tuesday last week, interest began accruing from Wednesday last week and amounted to NT$6,986 as of Sunday.
Taking the interest from his initial bail amount and adding that to the higher bail brought Wei’s interest to Sunday to a total of NT$9,780, which means he could end up earning NT$42,000 a month in interest as long as his bail is maintained.
Senior prosecutors said that it is understandable for suspects whose charges are dropped or those who are found not guilty to earn interest on the money they put up for bail, but it makes no sense that those who are found guilty should also have such a benefit.
Liao said that he had proposed the amendment after receiving pleas for help from poor people who had to borrow money in order to be released on bail.
“We had not considered the fact that Wei or other big corporate officials would be included,” Liao said.
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