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.