Several senior navy officials, including former and current navy commanders, have been reprimanded for their role in the Ching Fu case.
Ching Fu Shipbuilding attempted to obtain a NT$20.5 billion syndicated loan from a group of nine domestic lenders led by First Commercial Bank. Kaohsiung District Prosecutors' Office, which has been investigating the case since August, suspects the shipbuilder used bogus documents to pave the way for the loan. First Commercial Bank filed a criminal lawsuit against Ching Fu Shipbuilding in October for breach of contract.
There have been questions about whether the Presidential Office had pressured the navy into speeding up payments to the shipbuilding company, which is reported to be on the brink of bankruptcy.
The defense ministry announced a list of officers that are to be reprimanded for a range of misconduct in the Ching Fu case. The most notable figures on the list include former commanders Chen Yeong-kang and Lee Hsi-ming, as well as current commander Huang Shu-kuang.
Source: Radio Taiwan International
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