Taiwan Stock Discussion

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Chen denies corruption accusations, dismisses calls for resignation

Sunday November 5, 10:51 PM

(Kyodo) _ Taiwan President Chen Shui-bian on Sunday denied prosecutors' allegations that he mishandled state funds and suggested that he will not resign for now despite intensifying calls for him to quit.

Chen made the 90-minute televised speech two days after Taipei District prosecutors indicted first lady Wu Shu-chen on corruption and forgery charges in connection with the embezzlement of the money worth more than NT$14.8 million (US$448,000) meant for national affairs instead of home expenses.

Chen was also suspected of graft and forgery, but can not be charged due to presidential immunity.

At a press conference, lawyer-turned Chen began by apologizing for igniting political turmoil in recent days, saying he respects democracy and the judicial system.

"I am hereby expressing my deepest apologies to the people and the Democratic Progressive Party for hurting the nation's image and triggering political turmoil," Chen said. "The prosecution's investigation is a victory for the judiciary as well as pride of democracy."

To fight back, embattled Chen spent most of the time insisting on his innocence by arguing that the money did not go to his personal pocket but was simply used for confidential diplomatic purposes.

He said he will not escape responsibility and will not stay in office were his wife to be convicted.

"History and the judicial system will definitely prove that I am innocent," Chen noted, adding, "However, I am willing to step down before my term ends should the court at the first instance rule that my wife is guilty of corruption."

Chen and his family have been under fire since his son-in-law was indicted for insider trading in early summer and his wife has been accused of receiving vouchers from a department store in exchange for lobbying.

Pressure mounted on the president to quit after he was questioned in August over an alleged misuse of state funds.

Beginning in September, hundreds of thousands of protesters launched monthlong, around-the-clock mass sit-ins on the boulevard outside the Presidential Office, seeking to unseat Chen, whose popularity has plunged to an all-time low.

Chen, who has survived two recall attempts by the opposition-led parliament in June and late October, denied any wrongdoing and vowed to stay until his mandate expires in 2008.

In the wake of the prosecution's explosive investigation released late Friday, the Nationalist Party chairman Ma Ying-jeou has vowed that the third recall bid to unseat Chen will be broached next week.


http://asia.news.yahoo.com/061105/kyodo/d8l6vkt80.html