Real estate tycoon released on bail after 11 months in detention

Taipei, July 24 (CNA) Core Pacific Group Chairman Sheen Ching-jing (沈慶京) was released Thursday evening on bail of NT$180 million (US$6.13 million) after almost 11 months in detention on charges of corruption.

The ruling for his release was handed down Monday by the Taipei District Court, and Sheen posted the bail on Thursday.

Sheen, aged 77, had been held incommunicado since Aug. 30, 2024 on corruption charges in a case involving former Taipei Mayor Ko Wen-che (柯文哲), Taipei City Councilor Ying Hsiao-wei (應曉薇), former head of Ko's mayoral office Lee Wen-tsung (李文宗), and seven other defendants.

In the court ruling on Monday, Lee was also granted bail, which he posted on Wednesday, while Ko and Ying were remanded in custody. Sheen posted his NT$180 million bail on Thursday.

The court has barred Sheen and Lee from leaving the country for the next eight months and mandated electronic monitoring of their movements. They are required to carry a mobile phone at all times and report regularly to the court, according to the ruling.

They are also prohibited from contacting, harassing or threatening other suspects or witnesses in the case, and limited to one residence only, the court ruled.

Sheen is accused of bribing Ko to bend building regulations during Ko's term as Taipei mayor, allegedly allowing the real estate tycoon to earn a bigger profit on a major development project in Taipei.

According to prosecutors, Sheen obtained permission to implement an unusually high floor area ratio (FAR) for the Core Pacific City redevelopment project in Taipei's Songshan District, which was approved in 2021.

The FAR refers to a building's floor space relative to the size of the lot it is built on. Obtaining a higher FAR meant Sheen's Core Pacific Group could build bigger structures than previously allowed by law and thus increase profitability on the development, according to prosecutors.