Taiwan: Executive accused of bribery out on bail

A PJ Asset Management Co executive accused of bribing a Ministry of Labor official in charge of managing a labor fund was yesterday released after posting NT$300,000 (US$10,413) in bail, the Taipei District Prosecutors’ Office said.

The executive, surnamed Chiu, allegedly bribed ministry official Yu Nai-wen (游迺文) to manipulate select stocks by making purchases from the labor fund’s pool of money, prosecutors said.

Because he gave Yu bribes, Chiu was charged with breaches of the Anti-Corruption Act (貪污治罪條例) and the Securities and Exchange Act (證券交易法), they said.

The charges came yesterday after the prosecutors’ office launched a second investigation into the case.

Five locations were raided, including Chiu’s office and residence, and he was arrested for questioning before being released on bail.

The original full article can be found at taipeitimes.com

(Photo: Chien Jung-fong, Taipei Times)

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