According to an exclusive report by Min Pao, Gogoro founder Lu Xuesen has defaulted on over $4.62 million (approximately NT$150 million) in loan principal and interest owed to Mega International Commercial Bank, and has been unreachable since stepping down amid a 2024 supply chain origin scandal. Guarantor Yin Yanliang, chairman of Ruentex Group, was forced to repay the full amount in October 2025, and in January 2026 filed a 64-page cross-border discovery petition with the U.S. District Court for the Southern District of New York.
From Low-Price Subscription to Personal Guarantee
In 2017, Lu Xuesen — through his wholly-owned U.S. company Innovative Creations — subscribed for 7.886 million shares of Gogoro common stock at $0.70 each, and borrowed $5.49 million from Mega Bank using the shares as collateral. Gogoro went public on Nasdaq via a SPAC merger in 2022, and Lu became a prominent figure in Taiwan's electric scooter industry. In 2023, however, Lu requested removal of the share pledge and replacement with a personal guarantee. Yin Yanliang, a longtime investor and business partner of Gogoro, agreed to become a co-guarantor, amending the loan terms in May and December of that year.
Supply Chain Scandal Triggers Fallout
In September 2024, Gogoro became engulfed in a controversy over parts origin misrepresentation. Lu resigned as chairman and CEO, handing over to Tseng Ta-meng. Shortly after, the loan default surfaced. The loan was due on September 30, 2025; Mega Bank notified Yin that both Lu and Innovative Creations had failed to make any payments, with outstanding principal and interest totaling $4.62 million. As guarantor, Yin paid the full amount — roughly NT$150 million — on October 3, 2025.
Cross-Border Discovery Targets U.S. Assets
After covering the debt, Yin immediately launched legal recovery efforts. On January 2, 2026, he filed a lawsuit and applied for provisional seizure of assets at the Taipei District Court. On January 30, he submitted the 64-page cross-border discovery petition in New York, seeking records from four financial institutions including Morgan Stanley — demanding all account records, as well as details of Lu's subscription, transfer, and liquidation of Gogoro shares. Yin stated in the petition that Lu is now unreachable, and only through U.S. legal procedures can the asset trail be traced to recover the repayment.
Gogoro's Taiwan public relations team declined to comment, saying the matter "is unrelated to company operations." Whether Lu still holds Gogoro shares and their current value remains unknown. As the U.S. court discovery process moves forward, the final destination of the seven-year-old loan-backed shares may soon become clearer.