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First lady to give stock profits to charity

The Presidential Office announced yesterday that first lady Wu Shu-jen (吳淑珍) will ask trust fund management companies to sell all the stock she holds and donate the profits to charitable organizations and disadvantaged groups, amid opposition allegations that she profited from insider trading.

Wu's decision to sell the investments reflected "the high moral standards she requires of herself," the Presidential Office said in a statement. It said she will entrust the sale to a bank trustee and will donate any profits to charity.

According to the latest Control Yuan report on the assets of public officials, Wu owns stocks worth a total value of NT$48.32 million (US$1.5 million), all of which have been put into trust.

Stocks held by Wu include Fubon REITs No.1, Taiwan Cement, Nan Ya Plastics, United Microelectronics, Accton Technology, Nanya Technology, MediaTek, International Bank of Taipei, Hua Nan Financial Holdings, Mega Holdings and Faraday Technology.

Wu has been an active stock investor and her financial statements have shown large profits, leading opposition lawmakers to question whether she had received insider information. She has repeatedly denied the allegations.

Wu has recently been in the headlines over the controversial takeover of Taipei's Sogo Department Store in 2002 following serious financial difficulties incurred by the store's owner.

Opposition politicians have accused her of receiving free vouchers from the store's new management and questioned her role in its takeover by a businessman whose bid was less than that of at least one rival suitor.

The Presidential Office has denied that Wu received any gifts in connection with the Sogo deal, saying she paid for the gift vouchers herself.

Presidential Office Deputy Secretary-General Cho Jung-tai (卓榮泰) yesterday called on the public not to make a fuss over first lady's donation.

"This is not the first time the first family [have made donations to charity], and it's nothing to make a fuss about. The issue is not how much profit she makes, but the significance of the move," he said.

Cho said the first family had resolved the issue "within the shortest period of time," and called on the public to stop making criticisms or allegations against the first family.

Wu's decision was applauded by legislators across party lines.

Democratic Progressive Party (DPP) Legislator Gao Jyh-peng (高志鵬) said the demand that the first family can't invest in the stock market was overkill.

"The first lady's gains from the stock market were not filthy lucre. Now that the public has demanded such high standards, the DPP will comply with them. We just hope that future members of the first family will also comply with these standards," Gao said.

Chinese Nationalist Party (KMT) Legislator whip Tsai Chin-lung (蔡錦隆) said it would be a commendable move if Wu sold all of her stocks and shares.

"But if she just wants to sell part of her stock, I believe the donations would be unnecessary," he said.

KMT Chairman Ma Ying-jeou (馬英九) said that a compulsory property trust was not a good way to monitor the financial situations of civil servants, and called on the DPP to resolve the recent controversy over the first lady's investments.

"Property declarations which demand civil servants make public their property for examination if it exceeds a certain amount would be the best system," Ma said yesterday.

He said the KMT would "keep an eye on" the issue.

"The DPP should solve its own problems ? Hopefully [the president] knows what to do," he added.

Additional reporting by Shih Hsiu-chuan and Mo Yan-chih
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