InvestorsHub Logo
Followers 141
Posts 35147
Boards Moderated 4
Alias Born 08/24/2003

Re: None

Wednesday, 01/21/2009 10:01:40 PM

Wednesday, January 21, 2009 10:01:40 PM

Post# of 183
Taiwan ex-president's son pleads guilty to money laundering
The son and daughter-in-law of former Taiwan president Chen Shui-bian pleaded guilty to money laundering on Wednesday in a case tied up with Chen's own corruption trial, the Central News Agency said. Chen was charged last month with graft, money laundering and misuse of public funds following a probe that embroiled his son, Chen Chih-chung, his son's wife and numerous former aides. "Chen Chih-chung and his wife, Huang Jui-ching, acted as the proxy and a nominal holder, respectively, of the former first family's controversial overseas bank accounts," the news agency said. The former president denies wrongdoing, calling the case against him a political plot. Prosecutors charged Chen Shui-bian with embezzling T$104 million ($3 million) from a special presidential office fund, accepting bribes of about $9 million related to a land procurement deal and taking another $2.73 million in kickbacks to help a contractor win its bid for a government project. The case is likely to affect public opinion of Taiwan's opposition Democratic Progressive Party (DPP), which backed the former president when he was in office from 2000-2008 and faces tough local elections at the end of the year against the ruling Nationalist Party. Chen Shui-bian left the DPP in August. His pursuit of independence for self-ruled Taiwan upset rival China as well as the United States. China has claimed sovereignty over Taiwan since 1949, when Mao Zedong's Communists won the Chinese civil war and Chiang Kai-shek's Nationalists fled to the island. Beijing has vowed to bring Taiwan under its rule, by force if necessary. Outside the courthouse, Chen Chih-chung publicly apologised. "I didn't differentiate clearly between laundering money and handling funds," Chen Chih-chung told reporters, standing next to his wife, who choked back tears. "If it could be done all over, we absolutely would not make the same kind of mistake again." A judge must accept the couple's statement before it counts as a formal plea, a court spokesman said. He declined to estimate a sentence in the case, which is expected to take years to complete.
http://asia.news.yahoo.com/090121/3/3v4bx.html
TAIPEI (AFP) - Three relatives of Taiwan's former president Chen Shui-bian on Wednesday pleaded guilty to charges of money laundering, as part of a massive corruption case in which the ex-leader has been implicated. Chen's son Chen Chih-chung, his daughter-in-law Huang Jui-chin and his brother-in-law Wu Chin-mao all entered guilty pleas, in the latest development in a case that has gripped the island since Chen himself was arrested in November. The former president, who left office in May after eight years, has been charged with embezzlement, taking bribes and money laundering, influence peddling and blackmail and faces life in prison. He says he is innocent. "I'm guilty," Wu told a Taipei judge, while the younger Chen and Huang nodded when asked if they were guilty. Prosecutors say the suspects may have laundered at least 820 million Taiwan dollars (24.4 million US). Chen and Huang, who had previously promised prosecutors they would send 21 million US dollars back to Taiwan from their Swiss bank accounts, said they would repatriate another 17 million US dollars from abroad. The young Chen also agreed to tell prosecutors the whereabouts of around 600 million Taiwan dollars being kept by his mother, and pleaded for a reduced sentence. The couple apologised for the political turbulence the case had caused. Chen Chih-chung bowed twice to show his remorse as he spoke to reporters after the hearing while his tearful wife looked on. "After some reflection, we decided to face justice," he said. "We were not aware of the difference between managing money and money laundering. We are sorry and we promise not to make the same mistake again. We hope we can be given another chance." The young Chen said his mother had promised to show up in court at a hearing scheduled for February 10-11. The wheelchair-bound Wu -- the first wife of a Taiwanese leader to be prosecuted -- collapsed at court in late 2006 at the start of her trial and has since been excused from all court sessions on health grounds. Former president Chen insisted two days ago that he was innocent of taking bribes, as he appeared in court for a pre-trial hearing on charges he says are politically motivated. He had previously admitted that his wife Wu Shu-chen transferred 20 million US dollars abroad, but said that money was from past campaign funds and that she had done so without his knowledge. Chen is already under investigation for allegedly embezzling 14.8 million Taiwan dollars (480,500 US) in special expenses from the government while he was president, and his wife is on trial for corruption and document forgery in the same case. Chen has admitted using false receipts to claim money from the state, but insisted those funds were used for "secret diplomatic missions" and not his personal benefit. Nevertheless, prosecutors found that at least 1.5 million Taiwan dollars had been spent on diamond rings and other luxury items for his wife. Chen was fiercely in favour of Taiwanese independence from China, which considers the island part of its territory, and says he is the victim of a witch hunt by the current pro-China government, which took power after he stepped down last year. No date has yet been set for his trial to begin.






My posting is for my own entertainment, do your own DD before pushing your buy/call butto

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.