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Taiwanese tycoon needs 90 minutes to find NT$400 million for bail

SinoPac Financial Holdings founder Ho Show-chung was charged over alleged illegal loans

Rolling in money: paying bail for SinoPac Chairman Ho Show-chung.

Rolling in money: paying bail for SinoPac Chairman Ho Show-chung. (CNA photo)

TAIPEI (Taiwan News) – SinoPac Financial Holdings Co. (永豐金控) founder Ho Show-chung (何壽川) needed less than an hour and a half to find NT$400 million (US$13 million) to pay for bail, reports said Friday.

The tycoon was indicted the previous day for violations of the Securities Exchange Act (證券交易法) and the Banking Act (銀行法) based on alleged illegal loans to a company linked to his wife.

Prosecutors want Ho to be sentenced to 12 years in prison for the case, in which 18 others were also charged Thursday.

Within 90 minutes of the bail payment being set late that day, relatives and associates of the businessman showed up at the prosecutors’ office lugging four suitcases and four cardboard boxes apparently filled with NT$2,000 banknotes, reports said.

Ho stepped out of the building at half past midnight with a smile on his face but without speaking to the media, according to the Chinese-language Apple Daily.

However, he has been restricted from traveling, moving house or venturing out to sea, while he has to report to the same police station each day between 7 and 10 a.m.

Ho has claimed he is innocent, with all potentially illegal dealings allegedly conducted by a businessman who has not been detained as he is out of the country. The allegedly illegal loans amounted to more than NT$5 billion (US$164.7 million), reports said.

Ho, 72, gained prominence as the head of Yuen Foong Yu Paper Manufacturing Group (YFY, 永豐餘) and later ventured into the financial sector with SinoPac Financial Holdings, which includes Bank SinoPac (永豐銀行).