Taiwanese billionaire Shen Qing-jing, chairman of Core Pacific Group, has reportedly incurred significant losses at Macau casinos, leading to his pursuit by creditors linked to Alvin Chau.
According to Taiwanese media reports, Shen Qing-jing used a 30 percent stake in a company as collateral to borrow NT$6 billion ($188 million) from a Hong Kong-based company connected to Alvin Chau in 2014.
He also signed 17 promissory notes under various company and personal names. However, failure to continue payments led to debt collection efforts. In April 2017, Shen faced forced asset seizure by the Taipei District Court, which brought the debt issue to light.
The report cites informed sources stating that the major shareholder of the Hong Kong-based company is Alvin Chau. Given Chau’s association with the gambling industry, there is speculation that Shen Qing-jing’s debt might be related to gambling losses in Macau.
Alvin Chau, the former chairman of Macau’s largest junket company Suncity, saw his gambling empire collapse due to China’s crackdown. He is currently serving a prison sentence in Macau.Â
Meanwhile, Shen Qing-jing is involved in one of the most influential political corruption cases in Taiwan, which also implicates Taiwan People’s Party Chairman Ko Wen-je. Shen remains in detention, awaiting trial in connection with the scandal.
