Baoshuo was involved in fake projects and emptied out 50 million yuan. The money flowed into the account of the former general manager, and 10 investigations were carried out.
Baoshuo was involved in the green energy industry and was suspected of inflating revenue through false contracts through its subsidiary Changyang Energy. Part of the money was suspected to have flowed into the account of the former general manager. The Beijing Inspection Bureau ordered the search and interview of 10 people.
Quick Look
- The listed company Baoshuo Financial Technology is suspected of subcontracting the completed solar power plant project to the parent company through a false contract through its subsidiary company Changyang Energy, falsely increasing the turnover by 50 million yuan, and part of the money is suspected to have flowed into the account of the former general manager surnamed Lin.
- The Taipei Prosecutor's Office today directed searches at 10 locations and interviewed 10 people.
AI-generated summary
Why It Matters
Baoshuo originally focused on financial information research and development, but in 2022 it transformed into the field of green energy engineering.
Taipei District Prosecutor's Office. (File photo)
Baoshuo Financial Technology, a listed company, is involved in the green energy industry, but it is suspected of subcontracting the completed solar power plant project to Baoshuo through its subsidiary company Changyang Energy with a false contract, falsely increasing the turnover by about 50 million yuan, and then subcontracting it to its subsidiaries. Part of the money is suspected to have flowed into the account of the former general manager surnamed Lin. The Taipei District Prosecutor's Office today directed searches at 10 locations and interviewed 10 people including Lin and deputy general manager Qianyou. The entire case was investigated for violations of the Securities and Exchange Act, special breach of trust and other crimes.
According to the investigation, Changyang Energy developed solar power plants in Guanmiao, Tainan, and Zhutian, Pingtung. It was suspected that in July 2021, it subcontracted completed power plant-related projects to parent company Baoshuo through false contracts, thereby falsely increasing Baoshuo's turnover by approximately 50 million yuan.
After Baoshuo obtained the project, it subcontracted it to its two subsidiaries, Chengxin and Yan'an, paying 28 million yuan and 18 million yuan respectively. After investigation, relevant funds were transferred to subsidiaries and subsidiary companies one after another, and part of it was suspected to have flowed into the account of Baoshuo's former general manager surnamed Lin, which was suspected to involve hollowing out the company's assets.
The New Taipei City Investigation Division of the Beijing Inspection Command Investigation Bureau divided into 10 teams to search the business premises of Baoshuo's subsidiary in Tainan, as well as the residences of the former general manager, former deputy general manager and others, and interviewed 10 people including Lin and You to come to the case to clarify the contract signing process and the flow of money.
Baoshuo originally focused on financial information and financial engineering research and development, operating application system software design and development and system integration services. It has developed a subscription warrant issuance management system and a virtual exchange for school teaching and research. In August 2022, it officially transformed into green energy engineering fields such as solar photovoltaics and smart energy storage.
What to Watch
AI outlook — possibilities, not facts
The inspection will continue to clarify the contract signing process and the flow of funds
Very likely · Within weeks
Open Questions
- What is the actual amount that goes into private pockets?
- Are there other senior officials involved?
