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Yuanta Securities seeks correction of 'inaccuracy' in US DOJ statement


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According to Market Intelligence, April 2023

Yuanta Securities seeks correction of 'inaccuracy' in US DOJ statement

YuantaSecurities Co. Ltd. is seeking correction of an"inaccuracy" carried in a U.S. Department of Justice statement andother media outlets that the securities firm had bribed Taiwan's former firstlady more than a decade ago to secure the acquisition of another financialholding company.

The Taiwanese company was reacting to allegations in theU.S. Department of Justice's statement that it paid NT$200 million to formerFirst Lady Wu Shu-Jen in 2004 during former President Chen Shui-Bian'sadministration to ensure that the government did not oppose its acquisition ofa financial holding company.

In a July 11 news release, Yuanta Securities clarified thatthe bribe was paid to the former first lady by the Ma family. Citing a TaiwanHigh Court filing, the company noted that it is now seeking correction of thereport since it was never the subject of such investigation or legalproceedings.

Rudy Ma, former chairman of ,and his wife, Judy Tu, were sentenced to about seven years in prison forviolations, including irregular trading, according to earlier media reports.Tu was former chairwoman of Yuanta Securities.

Victor Ma, former president of Yuanta Financial, alsopleaded guilty to helping Taiwan's former first family launder money, one ofthe reports said.

The NT$200 million bribe was used to purchase properties inVirginia and New York, the U.S. Department of Justice said in its July 7statement. The properties, owned by the former first family of Taiwan and twolimited liability companies, were seized by U.S. authorities and sold. The saleproceeds of about US$1.5 million were returned to Taiwan.

As of July 8, US$1 wasequivalent to NT$32.25.