Prosecutors have opened an investigation into the sudden shutdown of True Yoga Fitness after the Singapore-based fitness chain ceased operations last month.
The Taipei District Prosecutors’ Office yesterday confirmed that it received a criminal complaint from consumers days after True Yoga abruptly suspended operations at six outlets in Taipei, New Taipei City and Taoyuan on Sept. 23.
On Sept. 30, the company announced that it would cease all operations from Oct. 1, and begin bankruptcy and liquidation proceedings, citing heavy losses from the COVID-19 pandemic and a weak economy.
Photo: Chen Chih-chu, Taipei Times
Yesterday, a civic group alleged that the collapse might be linked to Chinese state-owned capital infiltrating Taiwanese businesses through complex legal and financial arrangements.
The Taiwan Economic Democracy Union (TEDU) told a news conference that it would stage a protest outside True Yoga’s Dunnan flagship branch in Taipei on Monday next week, urging prosecutors to conduct a thorough investigation into possible fraud, foreign capital manipulation and breaches of consumer rights.
TEDU researcher Huang Cheng-han (黃承瀚) said that the closure was a “deliberately orchestrated act of capital plunder,” not simply business mismanagement.
He said True Yoga’s shares are fully owned by True Yoga Holdings Ltd, in which the Hong Kong-listed Huakang Healthcare Holdings Ltd, reportedly tied to Chinese state capital, holds 29 percent — just under the threshold for foreign investment review.
True Yoga’s chairman allegedly used dual identities to sign exploitative franchise and loan contracts, systematically draining the company’s cash flow and potentially committing breach of trust, the TEDU said.
Prosecutors said they would take the civic group’s concerns into account as the investigation proceeds.
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