By Roy Ramos

ZAMBOANGA CITY, Philippines

The Taiwan government, on Wednesday warned the Philippine government against You Hao Chen, who it described as one of Taipei's most wanted economic criminals.

“Chen is a notorious Taiwanese fugitive swindler. Chen was the former CEO of Tuntex Group in Taiwan. He was prosecuted by the Taiwan Taipei District Prosecutors Office on account of fraud, unlawful embezzlement and other serious economic crimes of defrauding more than NTD800 million,” TECO stated. Through Taiwan’s de-facto embassy in Manila, the Taipei Economic and Cultural Office (TECO), said it had filed a formal request calling on the Philippine government to reject the investment proposals of Chen, who might use “ill-gotten capital and assets”.

The Philippine Economic Zone Authority divulged earlier that Xianglu Dragon Group, owned by Chen, proposed to build the largest economic zone in Northen Philippines’ Pangasinan with investments amounting to $360 billion and $678 million for an 85-storey information technology building in the capital, Manila.

TECO said that the Taiwan Taipei District Court issued a circular order for Chen’s arrest on Jan. 14, 2014.

“He subsequently escaped from Taiwan and fled away to Xiamen, China. Chen and his Tuntex Group left nothing beneficial to the Taiwanese people but owed Taiwan government at least NTD415 million tax arrears and defrauded the Taiwanese banks and investors over NTD70 billion,” TECO added.

Due to the One-China Policy, Manila does not have formal diplomatic relations with Taipei.

TECO warned that Chen’s investments in the Philippines “will put the whole country into a very high financial and legal risk” as “there is a high probability that the Taiwanese and even the Chinese creditors especially the tax authorities, investors and banks may file as many lawsuits as they can against Chen and his investment projects in the Philippines”.

TECO also urged the Philippines’ Bureau of Immigration to arrest the “notorious crook” and “economic criminal,” and to deport him back to Taiwan as soon as possible.