NSI Principals Indicted on Charges of Loan Fraud, Prosecutors seek 30-Year Prison Term

 NSI Principals Indicted on Charges of Loan Fraud, Prosecutors seek 30-Year Prison Term

Source: China Times

January 10, 2020

According to investigation of prosecutors, New Site Industries, Inc (NSI) has colluded with the top executives and employees in listed companies like Formosa Taffeta Co., Ltd., using fraudulent documents such as fake contracts, invoices, and delivery orders to secure loans from nine banks, including the Taiwan Cooperative Bank (TCB), the Development Bank of Singapore Limited (DBS), Taiwan Business Bank (TBB), and O-Bank. The total amount of the fraudulent loans reached NT$38.6 billion (US$128.6 million), which caused billions in losses to the banks. On January 9^th, Prosecutors Chen Ying-zhen (陳映蓁) and Lin Jun-ting (林俊廷) from Taipei District Prosecutors Office indicted NSI’s principal Yang Wen-hu (楊文虎), his wife, his daughter Yang Yu-chen (楊宇晨) and 36 other people, including Huang Ming-tang (黃明堂) on charges of violating the Banking Act. The prosecutors sought a 30-year prison term for the Yang couple.

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