Mr. CEO, was it you who ordered Chiu Yu-yuan to speculate in stocks?
The CEO of PJ Asset Management Company, surnamed Tang, was escorted by personnel from the Agency Against Corruption into the Taipei District Prosecutors' Office. Tang was treated as a witness last month, and was summoned for additional questioning on Dec. 10, after which he became a defendant as the investigation into a case involving stock speculation using labor funds widened.
Don't you think it's unscrupulous to use taxpayer money to speculate in stocks?
After You Nai-wen, the former director of the Bureau of Labor Funds' Domestic Investment Division, was detained as part of this case, officials discovered that Tang and an investment manager surnamed Chiu at his company started manipulating Far Eastern Group shares in May 2019. However, they were unable to divest of their shares between April and July this year. As Chiu and You were old acquaintances, Chiu arranged for a dinner with You to discuss having the labor fund purchase the shares at an inflated price. On Dec. 10, Chiu was summoned again for questioning.
Who instructed you to speculate in stocks?
Prosecutors and anti-corruption officials launched the third stage of their investigation into this case on Dec. 10, which included searches and interrogations. Five locations were searched, including the office of stockbroker Fuhua Trust Firm. Tang and Chiu were summoned for another round of questioning, along with the chief investment officer and a researcher from Fuhua Trust Firm surnamed Chiu and Liu, respectively. Prosecutors are trying to determine if there were corruption and violations of the Securities and Exchange Act.
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