Taipei City coun­cilor re­veals in­vest­ment led to NT$1 bil­lion debt

The China Post - - LOCAL - BY SUN HSIN- HSUAN

It was re­vealed yes­ter­day that Taipei City Coun­cilor Wu Chihkang ( ), sec­ond son to the for­mer Kuom­intang ( KMT,

) Hon­orary Chair­man Wu Po-hsi­ung ( ), is cur­rently NT$1 bil­lion in debt.

Coun­cilor Wu had in­vested in IP tone ( ) , a telecom­mu­ni­ca­tions com­pany, which fell into dire fi­nan­cial straits last year, leav­ing Wu in debt to the tune of NT$1 bil­lion. Wu was run­ning for Taipei City coun­cilor when the cri­sis be­fell the firm, there­fore, in or­der not to neg­a­tively af­fect his elec­tion bid, his in­flu­en­tial fa­ther called the chair­man of IP tone, Lin Wei-shuan ( ), ask­ing him not to leak the news and promised that the younger Wu would care­fully han­dle the mat­ter.

How­ever, the debt was still hang­ing over Wu even af­ter he was suc­cess­fully elected Taipei City coun­cilor at the end of 2014. A cred­i­tor meet­ing was held at Wu’s of­fice at the city coun­cil, with Lin and Wu in at­ten­dance. Ac­cord­ing to cred­i­tors, how­ever, Wu lost his tem- per and yelled at Lin dur­ing the meet­ing, leav­ing the case un­re­solved. As the meet­ing failed to reach a con­sen­sus of any sort, cred­i­tors de­cided to send Wu let­ters of at­tes­ta­tion and be­gan court pro­ce­dures to put an end to the mat­ter.

Dur­ing an in­ter­view yes­ter­day, Wu told the press that IP tone is an en­tirely legal in­vest­ment and that he was in­formed of the fi­nan­cial cri­sis, yet he was never re­ally en­gaged in the com­pany’s op­er­a­tions nor man­age­ment. More­over, he trusted his friend ( Lin) to solve the cri­sis.

The fi­nan­cial trou­bles have now been determined to be one of the causes of for­mer Hon­orary Chair­man Wu’s con­tin­u­ous ill­ness that be­gan last year. Chair­man Wu was re­ported to have had a slight cere­bral stroke last Septem­ber, fol­lowed by is­sues with his lungs this Fe­bru­ary, which later caused a pleu­ral ef­fu­sion and put him in the hos­pi­tal again in March. Ru­mors have sug­gested that Coun­cilor Wu’s debt is­sues may have in­fu­ri­ated Chair­man Wu so much that he fell vic­tim to a se­ries of ill­nesses.

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