Sat, Nov 11, 2006 - Page 1 News List

Chao Chien-ming indicted


President Chen Shui-bian's (陳水扁) son-in-law Chao Chien-ming (趙建銘) was indicted in Taipei yesterday for breach of trust, with prosecutors asking for a nine-year jail term.

Chao's father Chao Yu-chu (趙玉柱) was indicted on the same charge, with prosecutors asking for a 10-year jail sentence for him.

Prosecutors alleged the Chaos earned more than NT$100 million (US$3 million) by manipulating Taiwan Development Corp's (TDC) stock prices.

According to prosecutors, Chao Chien-ming's lawyers have said the accounting was not accurate.

Former TDC chairman Su Teh-jien (蘇德建) and businessman Yu Shih-yi (游世一) were also indicted for breach of trust, with eight-year sentences requested.

Prosecutors indicted Waterland Securities Co board director Tsai Chin-wen (蔡清文) and requested a two-year term but said that his indictment would be suspended for five years. That means the charge would be automatically dropped in five years if he does not break the law again during that period.

Nice Group president Chen Jing-yao (陳鏡堯) and manager Hung Min-sen (洪敏森) were indicted for allegedly helping the Chaos manipulate TDC's stock prices.

Prosecutors asked for a two-year sentence for Chen and 18 months for Hung.

Chao Chien-ming's defense attorney Chen Feng-fu (陳峰富) said his client did not earn as much as prosecutors have claimed because he had to pay stock transaction fees.

However, when asked by Presiding Judge Chou Chan-chun (周占春) whether he had anything to say in his own defense, Chao Chien-ming said he had nothing to say.

Yesterday's court session was the final debate between prosecutors and defense counsels. Judge Chou Chan-chun announced that the verdict will be announced at 3pm on Dec. 27.

The indictments are linked to a scandal that erupted earlier this year, when allegations surfaced that Su and Chang Hwa Commercial Bank officials had dined on two occasions with Chao Chien-ming and Yu at a Japanese restaurant in Taipei.

Prosecutors said they believe the men discussed confidential information about TDC, which Chao and his relatives later used to earn profits by trading in TDC shares.

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