Former T.Grand Chairman Released on NT$1 Million Bail, Barred from Leaving Country in Securities Fraud Case

(Central News Agency, reporter Hsieh Chun-lin, Taipei, 19th) The former chairman of T.Grand International Co., Ltd., surnamed Wen, is suspected of violating the Securities and Exchange Act after acquiring management control of Pao Dao Aurora (now renamed Fu Yu Rown Gane) in 2018. On the 18th, prosecutors and investigators conducted searches at six locations. After questioning by the Taipei District Prosecutors Office, Wen was ordered to be released on bail of NT$1 million and is subject to restrictions on residence and is barred from leaving the country. Additionally, the chairman of Fu Yu Rown Gane, surnamed Chen, was released on NT$500,000 bail with restrictions on residence and travel. The then-vice president of Pao Dao Aurora, surnamed Chen, was released on NT$100,000 bail with residential restrictions. A systems engineer at T.Grand's Taiwan office, surnamed Chang, was also placed under residential restrictions. Fu Yu Rown Gane issued a material information announcement yesterday, stating that prosecutors and investigators conducted an investigation and search at the company on the 18th. The company is cooperating with the investigation in accordance with the law and has provided relevant information for clarification. The company's operations are normal, and there is no significant impact on its financial and business affairs. According to the investigation, after Wen acquired management control of Pao Dao Aurora in 2018, he violated the company's procedures for acquiring or disposing of assets in 2020. He spent over NT$13 million to purchase a cross-border trade supply chain finance system from T.Grand's Wuhan company and bought a T.Grand Group fund for US$2 million (approximately NT$63 million). Investigators also found that between 2018 and 2022, Wen allegedly listed more than 20 employees of T.Grand International Co., Ltd. under Pao Dao Aurora, having the latter pay their salaries and labor/health insurance, amounting to over NT$10 million. On the 18th, the Taipei District Prosecutors Office directed the New Taipei City Field Office of the Investigation Bureau to execute search warrants issued by the court, searching the residences of the three defendants surnamed Wen, Chen, and Chang, as well as Fu Yu Rown Gane Corporation and T.Grand International Co., Ltd., for a total of six locations. Four defendants were summoned for questioning. The entire case is being investigated for violations of the Securities and Exchange Act related to irregular transactions and special breach of trust. (Editor: Lee Heng-shan) 1150519