Former Singfor Life chairman’s appeal rejected
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
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.