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.
EDITORIAL: Labor funds scandals damage trust
Financial markets around the world mostly gained momentum last month on the development of COVID-19 vaccines. This lifted the return rates of Taiwan’s labor funds to positive territory, after they slumped earlier in the year, when global financial markets were affected by the COVID-19 pandemic and the US dollar was weak against other major currencies.
The six labor funds which are used to pay pensions and other workers’ benefits, with NT$4.45 trillion (US$155.92 billion) of assets under management turned a profit of NT$240 billion last month and the cumulative profit from January to last month totaled NT$190 billion, Bureau of Labor Funds officials said on Friday.
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).
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