Taiwan indicted 87 in a multimillion-dollar scandal.
Officials of Tenth Credit Cooperative and Cathay Plastics were charged with offenses ranging from forgery to embezzlement and breach of financial trust. The 87 people allegedly took part in a scheme under which Tenth Credit extended about $325 million in illegal credit to Cathay Plastics. Both firms were subsidiaries of Cathay group, one of Taiwan’s largest business conglomerates, which collapsed when news of the scandal sparked a $650-million run at Tenth Credit and a sister bank, Cathay Trust & Investment.
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