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Taiwanese banks clarify reports on alleged fraudulent lending

Taiwan-based Mega International Commercial Bank Co. Ltd. and EnTie Commercial Bank Co. Ltd. separately clarified they do not have a relationship with Metropolitan Asset Management Corp., after media reports alleged the latter used falsified documents to obtain bank loans.

As the city's Liberty Times noted March 24, the reports, which appeared in a different publication, alleged Metropolitan AM used fake documents to borrow more than NT$100 million from banks including Mega International for hotel construction. As a result, the asset manager is being investigated by New Taipei City authorities.

Mega International, a subsidiary of Mega Financial Holdings Co. Ltd., said in a same-day release that the allegations were not based on factual information.

EnTie Commercial Bank said in a separate filing it does not have a lending relationship with Metropolitan AM, though the latter has business ties with one of EnTie Commercial Bank's lenders. The bank added there is no impact on its operations and finances as a result of the investigation.

As of March 23, US$1 was equivalent to NT$29.19.