Report by : Gan Yung Chyan
/ KUCINTA SETIA
Translated from Taiwan Media ETtoday's report
Zhang Gangwei, Chairman of Far Eastern Air Transport (FAT), issued a testament at 5 pm on 12 December 2019 stating that the company has been defrauded by four people and deepening recession has drawn FAT to its business closure.
Here is the content of the testament: "I am sorry to everyone, due to fraud of the fraud group and the cross-strait recession, the company’s losses are gradually expanding. I have advanced nearly 900 million Yuan. However it is still inadequate. After more than two decades of hard work, I can only die for pardon but I will not look away. I asked the prosecutor to investigate Pao Yuanri, Lin Yusheng, Chen Shenglong, and Wang Ruikai. They claimed that a large amount of funds would be bet on the company. The sudden jump of votes due to lack of advances and the high operation fee made me worse. I wholeheartedly hoped that FAT would continue to soar to the sky, but I heeded the words of these four men, which caused the situation now. I hope they can come out and take responsibility for the business closure. With debts FAT cannot be reborn. The company will also do bankruptcy liquidation and hope to solve everyone's problems. I did not expect to save FAT solely by my own power 12 years ago. I didn't expect to be dragged down so much, and it was all my fault to die. It's not about anyone else. "
Fang Zhiwen, Deputy Director of the Taiwan Civil Aviation Administration (CAA) held a press conference at 4.30 pm and pointed out that FAT failed to pay by due date bank finances that ensure continuity of the business. Yet the company has a 268 million passenger trust guarantee. It is estimated that it is enough to solve the passengers' travel problems. In addition, it has negotiated with Mandarin Airlines and Uni Air to assist the passengers affected by the flight business closure.
The CAA pointed out that in consideration of the poor financial health of FAT, the CAA has a “FAT Financial Abnormality Contingency Plan” and set up a contingency group to continue to conduct a high degree of supervision of FAT’s finance and flight safety and require the establishment Special consumer trust account, highly supervising voyage flight security and finance. Relevant contingency actions are currently implemented in accordance with the plan.
A recent inspection by the “Civil Aviation Authority” found that FAT’s funds had insufficient liquidity and relied on Chairman Zhang Gangwei's continued betting of funds. On 11 December 2019 bank financing failed to be paid as scheduled. The CAA contingency team planned a meeting on 12 December 2019 at 8 am and FAT was requested to explain.
Huang Yuqi, Deputy General Manager of FAT, said yesterday that Zhang Gangwei still entered the company. This morning, a temporary situation occurred. He could not contact the chairman Zhang Gangwei and could not continue to bet on funds. FAT will temporarily cease operations from 13 December 2019.
The CAA has required FAT to ensure the safety of aviation, to carry the stranded passengers back to Taiwan as a priority, and to properly refund the passengers who have purchased tickets and protect the rights and interests of employees.
According to investigations, some 500 international and cross-strait tourists are currently stranded outside and in Taiwan. Since most of them are group passengers, they have requested assistance to supervise travel agencies to handle related matters. Intra-island evacuation, the CAA has asked Uni Air and Mandarin Airlines to increase the number of flights and enlarge the aircraft to assist in the evacuation of passengers.
In view of the suspension of flights from 13 December 2019, the CAA urges passengers to change their itinerary as soon as possible to rebook other airlines. In terms of consumer rights, the CAA, in a contingency group meeting, required FAT to make every effort to properly handle consumer rights matters. In addition, in the case of travel agencies, it should contact relevant cooperative travel agencies to assist in handling passenger itinerary arrangements and ticket refunds.
According to Article 48 of Taiwan's "Civil Aviation Law", the airline should submit a closing business plan before closing or closing business, apply for approval from CAA and transfer it to the Ministry of Transportation for approval, and within sixty days after the date of approval, the company may suspend or close its business; if the company suspends business tomorrow, it seriously violates the public interest and violates the regulations and CAA will penalize the company in accordance with Article 112 of the Civil Aviation Law with a three million Yuan fine and reported to the "Ministry of Communications" to revoke its permission, and also asked the prosecution to investigate the person in charge.
According to the "Civil Aviation Law" Article 110-3 a maximum punishment of up to three years imprisonment and new a fine of 200 million Taiwan dollars will be imposed on FAT.
/ KUCINTA SETIA
Translated from Taiwan Media ETtoday's report
Zhang Gangwei, Chairman of Far Eastern Air Transport (FAT), issued a testament at 5 pm on 12 December 2019 stating that the company has been defrauded by four people and deepening recession has drawn FAT to its business closure.
Here is the content of the testament: "I am sorry to everyone, due to fraud of the fraud group and the cross-strait recession, the company’s losses are gradually expanding. I have advanced nearly 900 million Yuan. However it is still inadequate. After more than two decades of hard work, I can only die for pardon but I will not look away. I asked the prosecutor to investigate Pao Yuanri, Lin Yusheng, Chen Shenglong, and Wang Ruikai. They claimed that a large amount of funds would be bet on the company. The sudden jump of votes due to lack of advances and the high operation fee made me worse. I wholeheartedly hoped that FAT would continue to soar to the sky, but I heeded the words of these four men, which caused the situation now. I hope they can come out and take responsibility for the business closure. With debts FAT cannot be reborn. The company will also do bankruptcy liquidation and hope to solve everyone's problems. I did not expect to save FAT solely by my own power 12 years ago. I didn't expect to be dragged down so much, and it was all my fault to die. It's not about anyone else. "
Fang Zhiwen, Deputy Director of the Taiwan Civil Aviation Administration (CAA) held a press conference at 4.30 pm and pointed out that FAT failed to pay by due date bank finances that ensure continuity of the business. Yet the company has a 268 million passenger trust guarantee. It is estimated that it is enough to solve the passengers' travel problems. In addition, it has negotiated with Mandarin Airlines and Uni Air to assist the passengers affected by the flight business closure.
The CAA pointed out that in consideration of the poor financial health of FAT, the CAA has a “FAT Financial Abnormality Contingency Plan” and set up a contingency group to continue to conduct a high degree of supervision of FAT’s finance and flight safety and require the establishment Special consumer trust account, highly supervising voyage flight security and finance. Relevant contingency actions are currently implemented in accordance with the plan.
A recent inspection by the “Civil Aviation Authority” found that FAT’s funds had insufficient liquidity and relied on Chairman Zhang Gangwei's continued betting of funds. On 11 December 2019 bank financing failed to be paid as scheduled. The CAA contingency team planned a meeting on 12 December 2019 at 8 am and FAT was requested to explain.
Huang Yuqi, Deputy General Manager of FAT, said yesterday that Zhang Gangwei still entered the company. This morning, a temporary situation occurred. He could not contact the chairman Zhang Gangwei and could not continue to bet on funds. FAT will temporarily cease operations from 13 December 2019.
The CAA has required FAT to ensure the safety of aviation, to carry the stranded passengers back to Taiwan as a priority, and to properly refund the passengers who have purchased tickets and protect the rights and interests of employees.
According to investigations, some 500 international and cross-strait tourists are currently stranded outside and in Taiwan. Since most of them are group passengers, they have requested assistance to supervise travel agencies to handle related matters. Intra-island evacuation, the CAA has asked Uni Air and Mandarin Airlines to increase the number of flights and enlarge the aircraft to assist in the evacuation of passengers.
In view of the suspension of flights from 13 December 2019, the CAA urges passengers to change their itinerary as soon as possible to rebook other airlines. In terms of consumer rights, the CAA, in a contingency group meeting, required FAT to make every effort to properly handle consumer rights matters. In addition, in the case of travel agencies, it should contact relevant cooperative travel agencies to assist in handling passenger itinerary arrangements and ticket refunds.
According to Article 48 of Taiwan's "Civil Aviation Law", the airline should submit a closing business plan before closing or closing business, apply for approval from CAA and transfer it to the Ministry of Transportation for approval, and within sixty days after the date of approval, the company may suspend or close its business; if the company suspends business tomorrow, it seriously violates the public interest and violates the regulations and CAA will penalize the company in accordance with Article 112 of the Civil Aviation Law with a three million Yuan fine and reported to the "Ministry of Communications" to revoke its permission, and also asked the prosecution to investigate the person in charge.
According to the "Civil Aviation Law" Article 110-3 a maximum punishment of up to three years imprisonment and new a fine of 200 million Taiwan dollars will be imposed on FAT.
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