Minbao exclusive: Gogoro founder Lu Xuesen defaults on debt and goes missing, Yin Yianliang crosses borders to the U.S. to pursue 150 million yuan in recovery

Ming Pao Exclusive Report: Gogoro founder Lu Xuesen, after stepping down amid the 2024 “origin washing” controversy, reportedly owes over $4.62 million USD (approximately NT$150 million) in principal and interest to Mega International Bank, and his current whereabouts remain unknown. Meanwhile, RunTai Group President Yin Yanliang, who acted as guarantor, was compelled to settle the entire debt in October 2025 and filed a 64-page cross-border evidence collection petition with the U.S. Southern District Federal Court in New York.
(Background: Gogoro makes a bold move to save its stock price! On October 6, it initiated a reverse stock split “20 shares merged into 1” to prevent delisting from NASDAQ)
(Additional background: Exclusive by Ming Pao — Guarantee for Lu Xuesen’s NT$150 million debt by RunTai Group, Yin Yanliang’s 64-page petition in the U.S. revealed)

Lu Xuesen, the founder of Gogoro, was a well-known figure in Taiwan’s electric motorcycle industry. His battery swapping model became mainstream in Taiwan, and Gogoro listed on NASDAQ via SPAC in 2022. However, Lu Xuesen is now embroiled in a debt crisis, with RunTai Group’s president Yin Yanliang unusually pursuing cross-border debt collection.

According to Ming Pao, court documents state that in 2017, Lu Xuesen, through his wholly owned U.S. company Innovative Creations, purchased 7.886 million shares of Gogoro at a very low price of $0.70 per share, and borrowed $5.49 million USD from Mega Bank, using the stock as collateral.

Yin Yanliang Transforms from Business Partner to Guarantor

The situation took a turn in 2023 when Lu Xuesen requested to解除原有的股票質押安排，改以個人擔保替代。Yin Yanliang, based on their long-standing support for Gogoro, revised the terms in May and December of that year, agreeing to serve as co-guarantor for the loan.

In September 2024, Gogoro faced a controversy over “origin washing” of parts, and Lu Xuesen resigned as chairman and CEO, replaced by Zeng Damo. Shortly after, the loan issue also surfaced.

The loan was due on September 30, 2025. Mega Bank then notified Yin Yanliang that Lu Xuesen and Innovative Creations had not repaid the loan, totaling $4.62 million USD in principal and interest.

Yin Yanliang had to settle the full amount as guarantor on October 3, 2025, approximately NT$150 million.

Cross-Border Petition to Freeze Lu Xuesen’s U.S. Assets

After settling the debt, Yin Yanliang immediately launched legal actions. On January 2, 2026, he filed a lawsuit and provisional attachment request with Taipei District Court; on January 30, he submitted a 64-page cross-border evidence collection petition to the U.S. Southern District Federal Court in New York, requesting access to all of Lu Xuesen’s account records at Morgan Stanley and other financial institutions, as well as details of Gogoro stock subscriptions, transfers, and liquidation.

In the petition, Yin Yanliang stated that Lu Xuesen has lost contact and cannot be reached, and only through U.S. legal procedures can his asset flow be investigated to recover the owed amount.

Timeline:

• 2017: Lu Xuesen purchased 7.886 million shares at $0.70/share, borrowed $5.49 million USD, with stock pledge
• 2023: Changed to personal guarantee, Yin Yanliang became co-guarantor
• September 2024: “Origin washing” controversy erupts, Lu Xuesen resigns
• October 2025: Yin Yanliang repays $4.62 million USD (~NT$150 million)
• January 2026: Lawsuit filed in Taiwan + 64-page evidence request in the U.S.

Regarding this incident, Gogoro’s Taiwan public relations team responded to United Daily News, stating that it is “unrelated to the company’s operations and will not comment.”

It remains unknown whether Lu Xuesen still holds Gogoro stock or what the current value of those stocks is. As the court’s evidence collection process advances, more answers about the destination of this stock subscription loan from seven years ago may soon emerge.