The Democratic Progressive Part’s Hsueh indicted in loan scheme

The China Post staff

The chairman of a bank and his wife — a lawmaker from the ruling Democratic Progressive Party (DPP) — were indicted yesterday along with 19 others in an illegal loan scheme that involved more than NT$470 million, prosecutors in Taipei said. DPP Legislator Hsueh Ling, Sunny Bank Chairman Chen Sheng-hung, and the others were charged with violating the bank law and faking transaction contracts, according to the indictment. The legislator’s brother Hsueh Tsung-hsien, who is also the bank’s executive director, is among those indicted. “Hsueh and the others saw the bank as their personal coffers,” said the prosecution, which sought nine year jail terms and a NT$10 million fine each for the legislator, her brother and the chairman. But Chen claimed that the Sunny Bank is financially sound, having had sharp growth in the past eight years.

“The bank cannot be our personal coffers. The indictment contradicts the facts, and it is very ridiculous to indict us,” said Chen. Legislator Hsueh questioned the impartiality of Prosecutor Tsai Chi-wen, who indicted them. The prosecution said the defendants took out illegal loans from the bank in order to fund their realty purchases.