For­mer Sing­for Life chair­man’s ap­peal re­jected

The China Post - - TAIWAN BUSINESS - BY KATHER­INE WEI

The Tai­wan High Court yes­ter­day again re­jected for­mer Sing­for Life In­sur­ance Chair­man Eric Teng’s (

) ap­peal against detention, leav­ing Teng in detention for pos­si­bly as long as an­other four months.

Teng is be­ing held as he was sus­pected of drain­ing his own com­pany of NT$12 bil­lion. The Taipei Dis­trict Court ear­lier de­cided for the sec­ond time that he was to be held in­com­mu­ni­cado, to which Teng filed an ap­peal to the High Court. Yet Teng had vi­o­lated the Se­cu­ri­ties and Ex­change Act and may face up to seven years be­hind bars, mak­ing it pos­si­ble that he would flee the coun­try, the High Court de­cided be­fore re­ject­ing Teng’s ap­peal.

Af­ter a probe was launched re­gard­ing the con­tro­ver­sial Sing­for Life In­sur­ance Com­pany’s tun­nel­ing case last week, the North­ern Mo­bile Di­vi­sion of the Min­istry of Jus­tice’s In­ves­ti­ga­tion Bureau yes­ter­day re­leased five de­fen­dants fol­low­ing a sec­ond round of ques­tion­ing.

Also re­leased along with the five de­fen­dants were three wit­nesses, and among the de­fen­dants were for­mer Sing­for Life Vice Chair­man Pu Yun-hsi ( ) and Teng’s sis­ter Teng Wen-chi ( ), who was her brother’s sec­re­tary.

The In­ves­ti­ga­tion Bureau stated that it orig­i­nally sum­moned six de­fen­dants and two wit­nesses, but relisted one de­fen­dant as a wit­ness dur­ing the ques­tion­ing ses­sion.

Dur­ing the in­ter­ro­ga­tion, eight lo­ca­tions were probed — in­clud­ing the Fu Chuang Con­struc­tion Com­pany — as a part of the in­ves­ti­ga­tion to find out how Teng al­legedly made il­le­gal land pur­chases and sup­pos­edly drained funds, as well as where the money was trans­ferred to.

Pu and the oth­ers were listed as de­fen­dants who vi­o­lated the In­sur­ance Act, and were re­leased around 1 a.m. yes­ter­day af­ter the in­ter­ro­ga­tion ended.

No Need to Pros­e­cute

De­fen­dants: SID

The Spe­cial In­ves­tiga­tive Divi- sion (SID) said yes­ter­day that it felt there was no need to pros­e­cute the de­fen­dants af­ter un­der­stand­ing their in­volve­ment in the case, so all were asked to go home af­ter­wards.

Teng’s sis­ter was seen wear­ing a mask as she left the SID, and quick­ened her foot­steps af­ter the me­dia closed in for ques­tions. She de­clined to an­swer any ques­tions.

Sing­for Life was re­cently taken over by the Fi­nan­cial Su­per­vi­sory Com­mis­sion ( FSC), which then auc­tioned off the com­pany to Cathay Life In­sur­ance ( ).

Prior to the pur­chase, ru­mors cir­cu­lated of Sing­for Life’s man­age­ment fail­ures and fraud­u­lent bank­ruptcy. 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 Taipei’s Xinyi Dis­trict, 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.

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