Taiwan ex-CEO's assets seized

TAIPEI, Taiwan - Prosecutors yesterday seized Ting Hsin International Group former CEO Wei Ying-chung's various assets, including stocks, real estate and bank accounts, as a preemptive move to prevent Wei from transferring them to other parties.

The Taiwan High Prosecutors Office summoned a meeting yesterday and instructed local prosecutors to seize assets belonging to Ting Hsin.

Prosecutors nationwide reportedly were told to "treat these cases as their most important tasks."

The Taipei District Prosecutors Office immediately seized all the stocks and real estate owned by Wei, whose extended family reportedly owns eight apartment units in The Palace, a luxury apartment complex in Taipei.

Wei's eight bank accounts have also been frozen, meaning that Wei will not be able to access funds in the bank. As of press time, the exact amount of funds involved is unknown.

Prosecutors Acting Nationwide

The Kaohsiung District Prosecutors Office also moved in, seizing equipment and facilities owned by Cheng-I Food Co. Ltd., a subsidiary of Ting Hsin.

The prosecutors have also contacted local banks in an effort to seize other assets belonging to the Wei family.

Three other suspects being detained, including Cheng-I Food General Manager He Yu-ren, face a similar fate, as their stocks, vehicles and real estate have also been seized.

During a search at Cheng-I Food Co., prosecutors uncovered fake invoices used for purposes of tax evasion. Prosecutors said a total of six companies were involved in issuing the invoices and their assets of NT$290,000 (S$12,000) have also been seized.

The Chiayi District Prosecutors Office seized five tanker trucks belonging to Yung Cheng, the company suspected of having supplied the animal feed oil. Up to 51 real estate properties belonging to the company were seized.

The Tainan District Prosecutors Office also seized three bank accounts associated with Hsin Hao Co., which reportedly sold animal feed oil to Cheng-I Food Co.

Another six bank accounts, eight pieces of land and one building belonging to natural persons were seized.

The Changhua District Prosecutors Office also seized factory buildings, machinery and other equipment belonging to Ting Hsin.

Ting Hsin's Private Airplane Takes Off Last Night

According to Apple Daily news, Ting Hsin's private airplane was scheduled to take off last night, with mainland China as its destination.

The Civil Aeronautics Administration later confirmed that the plane has left Taiwan.

The Ministry of Justice said that the people on board the plane were not on the suspect list, and the flight was therefore approved.

Wei Ing-chou, the eldest brother of the Wei family, was reportedly on the plane.