Taipei, Aug. 19 (CNA) A former senior official in the Ministry of Labor has been sentenced to nine years in jail for his role in a labor fund scandal in which he manipulated the share price of select stock to allow PJ Asset Management Co. to make more than NT$500 million (US$16.67 million) in profit, the Taipei District Court said Friday.
FSC fines three firms NT$4.5 million each for alleged stock manipulation
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) yesterday fined three asset management firms NT$4.5 million (US$159,909) each for last year buying shares in a company at the direction of a Ministry of Labor official while conducting discretionary trading for the nation’s labor funds.
Fuh Hwa Securities Investment Trust Co (復華投信), Capital Investment Trust Corp (群益投信) and Uni-President Assets Management Corp (統一投信) accepted requests from Yu Nai-wen (游迺文), former head of the Domestic Investment Division of the Bureau of Labor Funds, to purchase Far Eastern Department Store Ltd (遠東百貨) shares, the commission said.
Taipei, April 22 (CNA) Taiwan's top financial regulatory body on Thursday imposed fines totaling NT$13.5 million (US$475,687) on three asset management firms over their employees' involvement in financial irregularities.
Ex-labor official, asset managers indicted over labor fund scandal
02/08/2021 03:25 PM
Yu Nai-wen (left). CNA file photo
Taipei, Feb. 8 (CNA) The Taipei District Prosecutors Office on Monday indicted a former labor ministry official and 11 members of four local asset management firms on charges of corruption and manipulating stock prices in a labor fund bribery case.
Yu Nai-wen (游迺文), former head of the domestic investment division of the Bureau of Labor Funds (BLF) under the Ministry of Labor (MOL), was indicted for violating the Anti-Corruption Act and the Securities and Exchange Act by accepting bribes from PJ Asset Management Co. CEO Daniel Tarng (唐楚烈) and executive Chiu Yu-yuan (邱裕元), giving the firm illicit gains of NT$180 million (US$6.44 million), according to the indictment.
Executives involved in labor fund scandal freed on bail
12/23/2020 01:03 PM
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Taipei, Dec. 23 (CNA) A Taipei court on Tuesday rejected a prosecutors request to detain four executives of an asset management firm suspected of manipulating stock prices in a labor fund bribery case and ordered them released on bail due to insufficient evidence.
After questioning the suspects, the Taipei District Prosecutors Office filed a request early Tuesday morning to detain Uni-President Assets Management Corp. Vice President Chueh Chih-chang (闕志昌), managers Sun Ming-cheng (孫民承) and Kuo Shi-ching (郭士慶), and analyst Yu Jian-yeh (俞建業).