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進入《TAIPEI TIMES 焦點》 Court rules Ting Lu must pay back creditor loans
Ting Hsin International Group subsidiary Ting Lu Development’s Hsin Yen factory is pictured on a piece of land on the intersection of Chongsin and Guangfu roads in New Taipei City’s Sanchong District in an undated photograph. Photo: Lo Pei-te, Taipei Times
RULING: The property subsidiary of scandal-hit Ting Hsin was ordered to honor a NT$7 billion promissory note that was originally due two weeks ago, after a push by banks
By Jake Chung / Staff writer, with CNA
Calls by creditor banks headed by Mega International Commercial Bank （兆豐國際商銀） for Ting Lu Development （頂率開發） to make good on its syndicated loan for land in New Taipei City’s Sanchong District （三重） were ratified by the Taipei District Court yesterday, with the court ordering the enforced payment of Ting Lu Development’s NT$7 billion （US$219 million） promissory note.
The banks said that they had made three claims against Ting Lu: the enforced payment of the NT$7 billion promissory note, the auctioning of collateral and the application for the provisional attachment of NT$1 billion in assets.
According to the court’s ruling notice, Mega International Commercial Bank held the promissory note signed by Ting Lu — the scandal-plagued food conglomerate Ting Hsin International Group’s （頂新國際集團） subsidiary land developer — on May 27, 2013, denoting the location of payment to be Taipei, the sum of payment to total NT$7 billion with an annual interest rate of 5.85 percent and an attached protest waiver. The promissory note was due on Dec. 27 last year.
Mega International Commercial Bank filed a protest in court, as it had not received the funds by the stated date and asked for enforced payment with calculated interest as stated in the note, the ruling said.
The ruling may be appealed again, and if Ting Lu appeals on the grounds that the promissory note was faked, it might seek to confirm that the creditor’s right is non-extant, the court said.
Meanwhile, the Taipei District Court on Thursday turned down an appeal for the provisional attachment of NT$1 billion in assets. However, this revealed that the banks were asking for only NT$1 billion instead of the NT$6.5 billion that the plot of land in Sanchong District is valuated at.
District Court Administrative District-Chief Judge Lai Chien-yi （賴劍毅） yesterday said that the credit banks might appeal the ruling, but added that the court was not at liberty to dispense the reasons and contents of the ruling notice.
According to sources, the banks admitted that the collateral — valued at NT$22 billion, but estimated to have a mortgage value of NT$8.4 billion, upon which the banks approved a loan of NT$7 billion — was worth at least NT$3 billion if repossessed and sold at auction.
The NT$1 billion in provisional assets requested could easily be obtained by an auction of the collateral property, the court said.
Meanwhile, Vice Minister of Finance Wu Tang-chieh （吳當傑） said that the banks sought to ensure their rights primarily through enforced payment of the promissory note, as it would lend credence to their auctioning of the plot in the future.
新聞來源：TAIPEI TIMES
