Sing­for Life In­sur­ance un­der in­ves­ti­ga­tion

The China Post - - LOCAL - BY CHI- HAO JAMES LO

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.

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