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.
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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.