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Jih Sun raided over questionable loans of NT$350 million

TAIPEI, Taiwan -- Investigators yesterday stormed Jih Sun International Leasing and Finance Co., Ltd. (日盛國際租賃), which is suspected of falsifying documents to unlawfully obtain vehicle loans worth of a total of NT$350 million.

The leasing company is a subsidiary of Jih Sun Group (日盛集團), and provides car loans for various vehicle types, such as tour buses, vans and small passenger cars.

The company allegedly falsified vehicle manufacturing dates and by doing so, the it turned used cars into new cars, and applied for over 200 new car loans, worthy of more than NT$350 million, between 2012 and 2013.

The Investigation Bureau's officers paid a visit to the leasing company's office yesterday and talked with 11 suspects and witnesses involved in the case. The leasing company is now under investigation of fraud and forgery.

According to a statement posted on Jih Sun International Leasing and Finance's website, the alleged error originated from a glitch in its business process, which is in fact a strategic alliance between the leasing company and Far Eastern International Bank (遠東銀行).

It is not a fraud as reported, the company claimed, adding that it has launched an internal investigation after it was made aware of the problem in March 2013. Jih Sun has purchased back involved debt obligations, and neither Far Eastern bank nor any clients have suffered loss, Jih Sun said, adding that its cooperation relationship with Far Eastern bank is still going.

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