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Taiwanese businessman misled by Chinese bank

A Taiwanese businessman investing in China was shocked when he found that a 50 million yuan (US$8 million) loan he applied for from the China Construction Bank (CCB) more than a year ago actually went into a unrelated business in China and was used as collateral for another 90 million yuan loan.

The 73-year-old Chen Hsi-so (陳細鎖) said that on the recommendation of a friend, he opened a lime absorbent plant in Wuping District, Longyan, in China’s Fujian Province last year, and applied for a 50 million yuan loan from CCB’s branch in Wuping.

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Politicians urge Ma to reflect on criticism

After an article in the latest edition of the Economist magazine called President Ma Ying-jeou (馬英九) a bumbler, politicians across party lines yesterday said that Ma should thoroughly reflect on his leadership and governance practices.

In the piece entitled “Ma the Bumbler,” the global publication said that in addition to the dismal international economy, “Mr. Ma’s leadership is also to blame” for some of Taiwan’s problems.

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Newsflash

President William Lai (賴清德) yesterday announced 17 strategies to counter growing infiltration efforts against Taiwan, from reinstating the military court system to enhancing scrutiny of immigrants from China, Hong Kong and Macau.

Lai spoke to reporters after meeting with national security officials yesterday morning in light of a series of incidents in which Taiwanese military personnel, entertainers and Chinese spouses colluded with Beijing on its “united front” work.

“For decades, China has never given up its ambition to annex Taiwan and destroy the Republic of China. Not only does it continue to intimidate Taiwan through antagonistic rhetoric and military exercises, but it has intensified infiltration and ‘united front’ work,” Lai said.