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CTBC Financial executives charged over alleged embezzlement

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CTBC Financial executives charged over alleged embezzlement

Taiwanese prosecutors charged Jeffrey Koo Jr. and otherformer and current executives of CTBC Financial Holding Co. Ltd. for allegedly embezzlingcompany funds and other illegal financial activities, the Taipei Times reported Oct. 6.

Koo was charged with four counts of embezzlement, threecounts of which involved moving a total of US$300 million from CTBC Financialto accounts controlled by him and his father, Jeffrey Koo Sr., from 2004 to2007.

Seven others were also charged, including former CFO PerryChang and CTBC Financial executives Wu Feng-fu and Chang Yu-chen.

The Koos allegedly used CTBC Financial funds to buy propertyin Beijing and in Taipei's Tianmu area.

Koo Jr. is chairman of the Chinatrust Charity Foundation,but prosecutors claim he is responsible for CTBC Financial's day-to-dayoperations, including during the time when the funds were embezzled.

CTBC Financial said it did not suffer any loss during theperiod the alleged embezzlement took place, according to a statement.

Koo Jr. had been sentenced to nine years and eight months in prison backin 2013 for CTBC Financial's role in the illegal purchase of a stake inMega Financial Holdings Co.Ltd.