Ex-ING manager indicted on fund misuse
The China Post news staffHsieh Cing-liang (謝青良), who is accused of manipulating the stock market with government funds for personal gain, has been indicted for breach of trust and he has been prohibited from leaving the country, according to a Business Today report.
November 8, 2012, 12:14 am TWN
The article, published today, also claimed that Hsieh purchased a luxury apartment worth over NT$200 million under his wife's name several months after he had sold off stocks from electronics firm Ablerex (盈正豫順) in 2010. The apartment, which is located across Daan Park (大安森林公園), is now estimated to be worth NT$400 million.
Hsieh, a former ING fund (安泰投信) manager, was in charge of investing the government's pension funds.
He allegedly bought large amounts of Ablerex shares at NT$80 from the over-the-counter market through a dummy account in June, 2010.
After the shares skyrocketed to NT$546 on Sept. 17, Hsieh used money from the government's pension fund to purchase 600 units.
By Oct. 1, Hsieh had sold all the shares purchased through the dummy account, raking in approximately NT$14 million.
Hsieh, however, did not start selling the 600 units purchased with government funds until the second trading day. By Oct. 6, the pension fund had accumulated losses totaling NT$144 million.
According to Business Today, Hsieh does not have a loan on the aforementioned apartment — a peculiar fact given that Hsieh does not come from a wealthy family. The magazine did a rough estimate of Hsieh's salary and bonuses and said that unless the former ING fund manager had “a special source of 'income,'” he would not have been able to afford the apartment.