Taiwan: Ex-labor official, asset managers indicted over labor fund scandal

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.

Others indicted that day included Uni-President Assets Management Corp. Vice President Chueh Chih-chang (闕志昌), managers Sun Min-cheng (孫民承), Kuo Shih-ching (郭士慶) and analyst Yu Chien-yeh (俞建業).

The original full article can be found at focustaiwan.tw

(Photo: CNA file photo)

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