Ex-ING manager indicted on fund misuse

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.

SHARE CLOSE
Blogger		Google+
Live Journal		Plurk
Stumble Upon

Tweet

	PREVIOUS ARTICLE
	Taiwan pushing for more postdocs for private sector

NEXT ARTICLE
Overseas Taiwan doctors to be hired for rural areas

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

 Receive China Post promos
 Respond to this email

Submit