Nov 27, 2017 Business & Finance Comments Off on Public banks could lose NT$14.8 billion in Ching Fu case: Ministry
Taiwan's finance ministry is projecting that a group of nine public banks could lose some NT$14.8 billion (nearly half a billion US dollars) over a scandal involving the nation's largest private shipbuilder -- Ching Fu Shipbuilding.
The Ministry of Finance and the Financial Supervisory Commission made the projection in a report which they delivered to the legislature's finance committee on Monday.
The scandal involves a defense ministry contract to build six minesweepers. The fraud allegedly occurred when Ching Fu obtained a NT$20.5 billion loan from nine domestic lenders led by First Commercial Bank. The banks went on to lend Ching Fu NT$15.4 billion, or about three-quarters of the total. But then they halted the loans after the Kaohsiung District Prosecutors' Office launched an investigation in August into Ching Fu's activities. First Commercial Bank then filed a criminal lawsuit against Ching Fu Shipbuilding in October for breach of contract.
Meanwhile, the nation's coast guard has terminated a separate contract with Ching Fu after the company failed to meet a deadline on Sunday to deliver the 14th of 28 patrol boats it was contracted to build.
Source: Radio Taiwan International
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