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