Asset managers detained in labor fund bribery caseEXPANDED INVESTIGATION: The Taipei District Prosecutors’ Office has conducted raids on the residences of two suspects; five suspects have been detained in the caseStaff writer, with CNAThe Taipei District Court on Friday ordered that PJ Asset Management CEO Daniel Tarng (唐楚烈) and three others be detained with restricted communication as part of a growing investigation into the alleged bribery of a Ministry of Labor funds manager in a stock manipulation scheme. Fuh Hwa Securities Investment Trust Co financial analyst Marco Liu covers his face as police escort him to the Taipei District Prosecutors’ Office on Friday for questioning regarding a stock speculation case involving the government’s labor funds. In a July meeting with PJ Asset Management and Fuh Hwa executives at a restaurant in Taipei, Yu agreed to purchase the stocks at artificially high prices using money from the labor fund, the prosecutors said. Yu, who was allegedly paid bribes to purchase more than 400,000 shares through the scheme, came under suspicion during a routine audit of the fund, they said. Prosecutors have expanded the scope of the investigation, raiding the residences of Tarng and John Chiu, and summoning all four suspects for questioning on Thursday.

Source: Taipei Times December 12, 2020 15:56 UTC