Gulf International was involved in the repatriation of rents and breach of trust in the 290 million construction project. The Beijing Inspection and Quarantine Bureau searched 9 places to interview directors.

Gulf International Development’s case of breach of trust involving rent return and construction project transactions, Beijing Inspection Bureau searched 9 places today. The picture shows the appearance of the "Eight Views of the Bay" project involved in the transaction.

Gulf International Development, a listed company, is suspected of leasing hotel land and equipment. Although the rent was collected on the books, the money was allegedly paid by the company itself and then returned. It was initially estimated that the company lost more than 90 million yuan. Another 290 million yuan transaction in the sale of the Beitun Construction Project in Taichung may also involve breach of trust. The Taipei District Prosecutor's Office today directed searches at 9 locations and listed four people including Chairman Liu as defendants. The entire case is being investigated for special breach of trust crimes under the Securities and Exchange Act.

According to the investigation, Liu Nan is also the chairman of Gulf International Development, Gulf Construction and Gulf Holiday Hotel. Gulf International Development is suspected of leasing the hotel land and business equipment for use by Shenkeng Holiday Hotel in 2012, with a monthly rent receivable of more than 6 million yuan.

However, prosecutors traced the money flow and found that although the rent was paid in form, the funds were suspected to have come from Gulf International Development and then flowed back in the name of rent, allegedly causing losses to the company, with an initial estimate of more than 90 million yuan.

In addition, Gulf International Development sold the "Eight Views of the Gulf" construction project in Beitun District, Taichung City to Gulf Construction for 290 million yuan in 2018. There are also doubts about the payment flow. The prosecutor is investigating the transaction process and whether it harmed the company's interests. The whole case is being investigated in the direction of special breach of trust crimes under the Securities and Exchange Act.