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Prosecutors detain 2 former Mega Financial execs for alleged irregularities

Taiwanese prosecutors detained Mckinney Tsai and Wang Chi-pang, formerexecutives of Mega FinancialHoldings Co. Ltd., for their alleged involvement in financial andother irregularities, Taipei Timesand The China Post reported Oct. 5.

Tsai resigned as chairman of Mega Financial and unit in March and joined Chien Chi Asset Management Co., a companyowned by Ruentex Chairman Samuel Yin, while Wang is a former chief secretary ofthe bank. Both are facing allegations over NT$20 billion of questionable loansgiven to Chien Chi Asset Management in early 2016, according to officials atthe Taipei District Prosecutors' Office.

The questionable loans were granted to Chien Chi Asset Managementwithin a month of Tsai assuming the chairman role at Mega Financial. The loanshelped boosted the company's assets to NT$20 billion from NT$8 billion.

Prosecutors called in 18 people Oct. 3, including Yin, forquestions as part of the probe into the questionable loans. Prior to summoningthe people, authorities conducted raids at Chien Chi Asset Management's officeand other locations to gather documents and records, the newspaper reported.

After questioning, Yin was released. In a statement, Ruentexdenied rumors that it has taken NT$75.7 billion of loans from MegaInternational Commercial Bank, saying its loans from the bank totaled NT$26.8billion as of Sept. 30.

In addition to the loans case, Tsai and Wang are defendants in themoney laundering case related to Mega International Commercial Bank's New Yorkbranch.

As of Oct. 4,US$1 was equivalent to NT$31.42.