It took just an hour and a half for a Taiwanese tycoon Ho Show-Chung to come up with 400 million New Taiwan Dollars ($13 million) for his bail money.
The 72-year-old founder of SinoPac Financial Holdings Co. was recently indicted for violations of the Securities Exchange Act and the Banking Act in relation to allegations of providing illegal loans amounting to over 5 billion New Taiwan dollars ($164.7 million) to a company linked to his wife.
Less than 90 minutes after bail was set on Thursday, Ho’s relatives and associates arrived at the prosecutors’ office carrying four suitcases and four cardboard boxes filled with cash.
Ho, who is among Forbes’ list of Taiwan’s richest, was all smiles as he exited the building while avoiding the media, reports Apple Daily via Taiwan News.
In relation to the case, in which 18 others were also charged, Ho is reportedly set to be sentenced to 12 years in prison. Back in June, the Financial Supervisory Commission stripped Ho of his directorship and chairmanship posts from his company due to the charges, according to Chinapost.
Ho has denied involvement in the crime, claiming that the illegal loans were conducted by another entrepreneur who has since fled the country.
The tycoon, who became widely known for leading Yuen Foong Yu Paper Manufacturing Group before venturing into the financial sector, is now required to report to the same police station each day between 7 and 10:00 a.m. local time. He is also banned from leaving the country or changing his residence.