First lady to sell all stock, REIT investments, donate profits

“First lady Wu Shu-jen is applying the highest moral standards on herself, and today will have the trust sell off all of her stock and fund investments, and donate all profits to underprivileged and charity groups,” said a statement from the Presidential Office.

Results of the selling and the donations will be announced later, the Presidential Office said.

Wu, with her integrity already being questioned by the opposition, has found herself in more controversies after the watchdog Control Yuan’s revelation of her asset declaration that she still holds investments in the markets.

According to her declaration, the stock and REIT investments amount to a face value of over NT$48 million, but their current market value is estimated at over NT$70 million.

Critics claim that as she has put her assets in trusts in an anti-corruption gesture, she should not continue holding stock investments, which would raise suspicion of insider trading.

Even Yu Shyi-kun, chairman of the ruling Democratic Progressive Party (DPP), yesterday remarked that if the first family committed a mistake, they should apologize.

The remarks have prompted speculation that various DPP heavyweights were trying to cut links to President Chen Shui-bian to save the party’s reputation and image.

Wu’s latest decision won her applause from the DPP side, as well as conditional approval from the opposition camp, which vowed they would not stop getting to the bottom of the scams in which the first family is allegedly involved.

DPP legislative whip Chen Chin-jun said it was the right thing for Wu to sell the stock investments, as it would improve the first family’s public image.

DPP Legislator Yeh Yi-chin, a close personal friend of Wu’s, said she supports the wheelchair-bound first lady’s move.

But Yeh urged the public to show more understanding to Wu, whose poor health has left her with very few things to do.

DPP spokesman Tsai Huang-liang also clarified Yu’s remarks about the first family needing to apologize over mistakes they might have made.

As leader of the DPP, Yu has to take responsibility for the entire party, including disputes arising from the first family, the spokesman said.

Dismissing speculations about the party trying to cut links with the president, Tsai claimed Yu’s comments were made to protect the DPP and the first family, whose image has been seriously damaged due to alleged involvement in several corruption scandals.

“All DPP members are in the same boat and no one can survive alone,” Tsai said, insisting that “cutting links is not an issue for the DPP and the party needs to conduct self-examination and forge unity.”

Tsai also hailed Wu’s decision to donate her earnings from her investments, saying the DPP has always used the highest moral standards on itself.

Kuomintang Legislator Chiu Yi, one of the fiercest critics of the first family, lauded Wu’s move, but said she should have made that decision long ago.

But Chiu also questioned whether it might only be Wu’s trick to divert attention from the “wealth she actually is hiding.”

She demanded the first family come forward to clearly explain the recent allegations against them.

“What we can see will be donated. How about those we can’t see?” asked KMT whip Pan Wei-kang.

Legislator Lee Hong-chun, a whip of the People First Party, said Wu’s selling of her investments alone would not satisfy the nation looking for answers to various allegations against the first family.

Stocks held by Wu include Fubon REITs No.1, Taiwan Cement, Nan Ya Plastics, United Microelectronics, Accton Technology, Nanya Technology, MediaTek, International Bank of Taipei, Hua Nan Financial Holdings, Mega Holdings and Faraday Technology.

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