Singfor Life Insurance under investigation
The Special Investigation Division (SID, ) of the Supreme Prosecutors Office yesterday commanded the Northern Mobile Division of the Ministry of Justice’s Investigation Bureau to conduct an investigation on the Singfor Life ( ) insurance company.
Though details and the reason for the search were not disclosed, it is speculated that the investigation is likely linked to a tunneling case that the company was involved in last year.
Singfor Life was recently taken over by the Financial Supervisory Commission ( FSC) who then auctioned off the company to Cathay Life Insurance ( ).
Prior to the purchase, rumors of Singfor Life’s management failures and fraudulent bankruptcy have not ceased being aired. Even before the power transfer to the FSC, Singfor’s assets and net worth were calculated at negative NT$23.9 billion.
Aside from the allegations, there were also reports claiming that Singfor Life had sold the property rights to its D1 and D3 land slots in the Xinyi District, which is located across the street from Taipei 101, at a below market value price to a Ching Lien Construction Company ( ) that is led by former Singfor Chairman Eric Teng ( ) . The lands were then registered under Fu Hsiang Development International (
) , a company that is also led by Teng
With all the scandals that had transpired local press speculated that the search was aimed toward Teng’s illegal land purchases and transfer. However, the SID has refused to reveal any details, only stating that an official update will be made soon after the search is complete.
Reportedly, the SID has involved itself to investigate because the issue is a big financial case that concerns the entire nation. Aside from conducting searches under six issued warrants, the SID also interviewed persons of interest to the case.