Tsai Chen-chou explained

Tsai Chen-chou
Honorific-Suffix:MLY
Native Name Lang:zh
Birth Date:13 September 1946
Nationality:Republic of China
Occupation:Businessperson
Office:Member of the Legislative Yuan
Term Start:1 February 1984
Term End:18 February 1985
Constituency:Taipei
Party:KMT
Relatives:Tsai Chen-nan (brother)

Tsai Chen-chou (; 13 September 1946 – 14 May 1987) was a Taiwanese politician and businessman.

He was the second son of and a member of the Tsai family of Miaoli.[1] [2] The family was known outside of politics for its wealth. His brothers included Tsai Chen-nan,, and .

When the Tsai family chose to split their holdings in 1979, Tsai Chen-chou assumed control of Cathay Plastics Group.[3] Tsai Chen-chou also led the Tenth Credit Cooperative, which had previously belonged to his uncle Tsai Wan-lin.[4] [5] He was elected to the Legislative Yuan as a Kuomintang representative of Taipei in December 1983. After taking office, Tsai Chen-chou and Wang Jin-pyng, among other legislators, founded the Thirteen Brotherhood Club.[6] [7] This group sought to make revisions to the Banking Law so that investment trust companies could be transformed into banks.[8] A broke in 1985, after bank runs had occurred at Tenth Credit Cooperative and Cathay Investment and Trust Company.[9] The club disbanded after Tsai was arrested and charged with fraud.[10] It was discovered that Tsai had acquired loans in other people's names, transferred deposits at Tenth Cooperative to CPG, and failed to pay wages to CGP employees.[11] Despite his affiliation with the ruling party, the Legislative Yuan voted to waive immunity and permit Tsai's arrest.[12] In March 1985, the magazine Thunder reported that Tsai had bribed Kuomintang officials to obtain a legislative nomination from the party.[13] Tsai was sentenced to fifteen years imprisonment on charges of fraud in April 1985.[9] Due to the extent of his actions, the longest possible sentence was 1,582 years.[2] Tangwai publications extensively covered the legal action against Tsai, alongside the murder of Henry Liu, inciting the Kuomintang to confiscate Tangwai publications.[14] Tsai Wan-lin gave Tsai Chen-chou a one-time $7.5 million loan over the course of the scandal, but would not help him further. Tsai Chen-chou died in prison in 1987, of liver disease.[1] Following the arrest of David Chou in 2003, the Taipei Times noted that Tsai and Huang Hsin-chieh were the only legislators to have been jailed during the authoritarian Kuomintang era.[15]

Notes and References

  1. News: Huang . Annie . Taiwan's Rags-To-Riches Billionaire Shuns Publicity . Associated Press . 26 August 2018 . 3 November 1988.
  2. News: Chang . Kathy . Wealthy Family Entangled in Financial Scandal . 26 August 2018 . Associated Press . 13 May 1985.
  3. Book: Quarterly Economic Review of Taiwan . 1984 . Economist Intelligence Unit . 18 .
  4. Book: Tsang . Steve . Democratisation in Taiwan: Implications for China . 1999 . Springer . 9781349272792 . 12 .
  5. Book: Liang . Fook Lye . Political Parties, Party Systems and Democratisation in East Asia . 2011 . World Scientific . 9789814327954 . 266 .
  6. News: Wang . Chien-chuang . DPP needs its own Wang Jin-pyng . 26 August 2018 . Taipei Times . 13 February 2002.
  7. Book: Baldwin . Robert E. . Chen . Tain-Jy . Nelson . Douglas R. . Chen Tain-jy . Political Economy of U.S.-Taiwan Trade . 1995 . University of Michigan Press . 9780472105519 . 27 .
  8. Sato . Yukihito . Democratization and financial reform in Taiwan: the political economy of bad-loan creation . The Developing Economies . September 2002 . 40 . 3 . 235 . 10.1111/j.1746-1049.2002.tb00914.x . free .
  9. News: Taiwan Bank Investigation . 26 August 2018 . New York Times . Reuters . 6 May 1985.
  10. Book: Dittmer . Lowell . Fukui . Haruhiro . Lee . Peter N. S. . Informal Politics in East Asia . 2000 . Cambridge University Press . 9780521645386 . 50 .
  11. Book: Daily Report: People's Republic of China . 1985 . National Technical Information Service . 48 .
  12. News: Lin . Jackie . Chen . Kevin . Tsai led family to dominate nation's finance business . 26 August 2018 . Taipei Times . 29 September 2004.
  13. Thunder magazine publisher sentenced in libel suit . Taiwan Communiqué . August 1985 . 21 . 20 . 1027-3999.
  14. Freedom of the press? . Taiwan Communiqué . June 1985 . 20 . 14 . 1027-3999.
  15. News: Editorial: Chou case no disgrace for the DPP . 26 August 2018 . Taipei Times . 18 February 2003.