The Taipei District Prosecutors’ Workplace has performed raids on the residences of two suspects; 5 suspects have been detained within the case
The Taipei District Court docket on Friday ordered that PJ Asset Administration CEO Daniel Tarng (唐楚烈) and three others be detained with restricted communication as a part of a rising investigation into the alleged bribery of a Ministry of Labor funds supervisor in a inventory manipulation scheme.
The court docket permitted a request by the Taipei District Prosecutors’ Workplace to detain Tarng and PJ Asset Administration govt Chiu Yu-yuan (邱裕元), in addition to Fuh Hwa Securities Funding Belief Co chief funding officer John Chiu (邱明強) and Fuh Hwa asset supervisor Marco Liu (劉建賢), for suspected breaches of the Securities and Alternate Act (證券交易法).
In April final 12 months, Tarng and Chiu bought numerous shares in Far Jap Group, which they deliberate to unload between April and July, prosecutors stated.
Picture: Tu Chien-jung, Taipei Instances
When the inventory value didn’t rise as anticipated, the suspects allegedly requested Yu Nai-wen (游迺文), head of the Home Funding Division of the ministry’s Bureau of Labor Funds, to make use of the federal government fund to assist them unload their shares.
In a July assembly with PJ Asset Administration and Fuh Hwa executives at a restaurant in Taipei, Yu agreed to buy the shares at artificially excessive costs utilizing cash from the labor fund, the prosecutors stated.
Yu, who was allegedly paid bribes to buy greater than 400,000 shares by way of the scheme, got here underneath suspicion throughout a routine audit of the fund, they stated.
Prosecutors later discovered that between July 27 and Sept. 8, Yu deposited sums starting from NT$30,000 to NT$100,000 (US$1,055 to US$3,516 on the present change fee) in his checking account, the prosecutors added.
A probe of Yu’s monetary accounts from September 2012 to September this 12 months confirmed a number of irregularities, together with bank card spending that vastly exceeded his month-to-month wage and a one-time deposit of greater than NT$9 million from an unidentified supply, they stated.
All of this led to the suspicion that he was taking bribes in change for manipulating the costs of chosen shares on the native bourse.
Yu was on Sept. 18 faraway from his put up, pending an investigation. On Nov. 27, he was detained and held with restricted communication.
Prosecutors have expanded the scope of the investigation, raiding the residences of Tarng and John Chiu, and summoning all 4 suspects for questioning on Thursday.
On Friday, the 4 had been detained for suspected breaches of the Anti-Corruption Act (貪污治罪條例) by bribing a public official, and breaches of the Securities and Alternate Act by conspiring to govern inventory costs.
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