Taiwanese business group collapses, leaving nearly 500 victims and billions in losses

A business group in Taiwan's Daya District, known as "Dan Shui Gun" (丹水滾), has collapsed, leaving nearly 500 people affected and an estimated loss of NT$5 billion (approximately $150 million USD).

The group, which operated hot pot restaurants, a travel agency, a credit investigation firm, and an art company, was reportedly run by a couple, identified only by their surnames Huang and Hong. They are suspected of fleeing to China to avoid repercussions after suffering investment losses.

Many employees of the group have been left without their wages. Some employees had entrusted their salaries to the female owner, Hong, for investment purposes, believing her promises of higher returns. These investments have now vanished, with some employees losing their life savings, including one individual who reportedly invested millions of New Taiwan Dollars.

The Taichung City Government's Labor Bureau is arranging mediation meetings and has applied to the Ministry of Labor's Bureau of Labor Insurance for wage compensation to assist the affected workers. The group's owners had previously been active in local social circles, with their travel agency handling trips for various local business and political groups.