Taipei Prosecutors Indict in Core Pacific City Case, CSCC: Seeking Legal Advice for Handling
The Taipei District Prosecutors Office has indicted 13 individuals, including Wei-Ching Group Chairman Shen Ching-Ching, for alleged violations of the Securities Exchange Act and Anti-Money Laundering Act in the Core Pacific City land transaction case, seeking forfeiture of approximately NT$3.19 billion in criminal proceeds. CSCC stated it will consult legal counsel after receiving the indictment.
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- 📰 Published: May 8, 2026 at 22:55
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Central News Agency (Reporter Tseng Jen-kai, Taipei, 8th) — Regarding the Taipei District Prosecutors Office's conclusion of its investigation today, indicting 13 individuals, including Wei-Ching Group Chairman Shen Ching-Ching, for alleged violations of the Securities Exchange Act and Anti-Money Laundering Act in the Core Pacific City land irregular transaction case, and requesting the court to declare forfeiture of approximately NT$3.19 billion in criminal proceeds. CSCC today stated that it has been informed and will seek professional legal advice after receiving the official indictment to determine its future course of action.
According to the indictment, prosecutors pointed out that Core Pacific City Company, in order to repay its syndicated loan bank group debt, conducted a public tender for the Core Pacific City land starting in March 2018. After three public tenders, all failed due to no bidders. CSCC had no intention to bid, but in order to immediately resolve Shen Ching-Ching's and the Wei-Ching Group's debts, then-CSCC Chairman Lin Ke-ming and Shen Ching-Ching jointly conspired for CSCC to bid independently.
On September 25, 2019, CSCC resolved to authorize its wholly-owned subsidiary, Dingyue Company, to bid, with the bidding price capped at the highest price (NT$37.59 billion) among the three appraisal reports commissioned. However, Dingyue Company's board meeting was merely a formality, quickly passing a resolution to "authorize Dingyue Company Chairman Chu Ya-hu to decide the actual bidding price," but in reality, Shen Ching-Ching alone decided the price and then instructed Chu Ya-hu to fill out the bid form.
Prosecutors investigated that Shen Ching-Ching, then-CSCC Chairman's Office Legal Counsel Chen Chun-yuan, and then-Wei-Ching Group Financial Manager Chang Chih-cheng directly or indirectly induced or hinted to some appraisers to inflate valuations through various means, leading to numerous violations of appraisal norms in the appraisal reports. However, Lin Ke-ming, then-CSCC independent director and later chairman Chen Jui-lung, independent director Chu Yun-peng, then-CSCC General Manager Yu Chien-sung, then-CSCC Financial Vice President Chen Ying-chun, and Land Development Vice President Liu Yun-chih deliberately ignored this, paving the way for Shen Ching-Ching's over-priced bid.
Prosecutors stated that Shen Ching-Ching, Lin Ke-ming, Chen Chun-yuan, Chen Ying-chun, and Chang Chih-cheng knew that the actual market value of the land was only NT$30 billion, but did not reasonably evaluate bidding strategies or adopt negotiation strategies. Instead, Shen Ching-Ching unilaterally decided to bid NT$37.201 billion, close to the reserve price of the first tender (i.e., NT$38 billion), and Chang Chih-cheng and Chu Ya-hu jointly assisted in completing the bid.
In response, CSCC announced that after the indictment, the case will enter trial proceedings. It will await the court's procedural review and seek professional legal advice after receiving the official indictment to determine its future course of action.
CSCC stated that this case has no impact on the company's overall financial situation and core operations. (Editor: Chang Chun-mao) 1150508
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According to the indictment, prosecutors pointed out that Core Pacific City Company, in order to repay its syndicated loan bank group debt, conducted a public tender for the Core Pacific City land starting in March 2018. After three public tenders, all failed due to no bidders. CSCC had no intention to bid, but in order to immediately resolve Shen Ching-Ching's and the Wei-Ching Group's debts, then-CSCC Chairman Lin Ke-ming and Shen Ching-Ching jointly conspired for CSCC to bid independently.
On September 25, 2019, CSCC resolved to authorize its wholly-owned subsidiary, Dingyue Company, to bid, with the bidding price capped at the highest price (NT$37.59 billion) among the three appraisal reports commissioned. However, Dingyue Company's board meeting was merely a formality, quickly passing a resolution to "authorize Dingyue Company Chairman Chu Ya-hu to decide the actual bidding price," but in reality, Shen Ching-Ching alone decided the price and then instructed Chu Ya-hu to fill out the bid form.
Prosecutors investigated that Shen Ching-Ching, then-CSCC Chairman's Office Legal Counsel Chen Chun-yuan, and then-Wei-Ching Group Financial Manager Chang Chih-cheng directly or indirectly induced or hinted to some appraisers to inflate valuations through various means, leading to numerous violations of appraisal norms in the appraisal reports. However, Lin Ke-ming, then-CSCC independent director and later chairman Chen Jui-lung, independent director Chu Yun-peng, then-CSCC General Manager Yu Chien-sung, then-CSCC Financial Vice President Chen Ying-chun, and Land Development Vice President Liu Yun-chih deliberately ignored this, paving the way for Shen Ching-Ching's over-priced bid.
Prosecutors stated that Shen Ching-Ching, Lin Ke-ming, Chen Chun-yuan, Chen Ying-chun, and Chang Chih-cheng knew that the actual market value of the land was only NT$30 billion, but did not reasonably evaluate bidding strategies or adopt negotiation strategies. Instead, Shen Ching-Ching unilaterally decided to bid NT$37.201 billion, close to the reserve price of the first tender (i.e., NT$38 billion), and Chang Chih-cheng and Chu Ya-hu jointly assisted in completing the bid.
In response, CSCC announced that after the indictment, the case will enter trial proceedings. It will await the court's procedural review and seek professional legal advice after receiving the official indictment to determine its future course of action.
CSCC stated that this case has no impact on the company's overall financial situation and core operations. (Editor: Chang Chun-mao) 1150508
Choose to stand with facts, every sponsorship you make is a force to protect press freedom.
Download the Central News Agency "First-hand News" APP to stay updated with the latest news.
The text, images, and audio-visual content of this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.