Tien tops list of richest officials

Former minister of foreign affairs Tien Hung-mao (田弘茂) has emerged as the wealthiest official in a report of assets of government officials to be published today, with holdings estimated at around NT$144 million at the end of last year.

President Chen Shui-bian (陳水扁) is the second wealthiest, with assets estimated at NT$100 million.

The report is published annually by the Control Yuan. Government officials with liquid assets of NT$1 million or more and stock holdings of NT$500,000 or more are required to report their assets to the Control Yuan annually between Nov. 1 and the end of December. Tien's assets consist mostly of shares, which account for approximately 80 percent of his total holdings. In addition to an estimated NT$120 million in shares, Tien and his wife have NT$12 million in cash deposits and NT$11 million in cash investments in companies.

Among Tien's stock holdings are 1,744,084 EVA Airways shares. He also owns foreign stocks.

Chen is listed as holding more than NT$6 million in cash deposits, several valuable plots of land and real estate in Taipei, while first lady Wu Shu-chen (吳淑珍) has share holdings and mutual fund investments with an estimated value of NT$92 million.

The first lady's two largest stock holdings are in Masterlink Securities Co (元富證券), of which she has 256,636 shares, and China Development Co Ltd (中華開發) of which she has 135,111 shares.

Vice President Annette Lu's (呂秀蓮) land and real estate are mostly in her native Taoyuan County. She has approximately NT$35 million in cash deposits, but no stocks or mutual fund investments. In the "other" category of the report, Lu claimed 12 rare books which she marked as "priceless."

Former Premier Chang Chun-hsiung (張俊雄) and his wife own three houses and four plots of land, mainly in Kaohsiung. Chang has around NT$8 million in cash deposits and shares worth an estimated NT$44 million.

Chinese-language media, however, have widely speculated that many of Chang's assets have been registered with his mistress, Chu A-ying (朱阿英).

Legislative speaker Wang Jin-pyng (王金平) has NT$10 million in cash deposits and a little over NT$500,000 worth of stock. He also has some NT$26 million worth of cash investments in companies.

Since it came into effect in 1993, the Public Functionary Assets Disclosure Law (公務人員財產申報法), under which government officials declare their assets, has provided considerable information on such assets and is widely believed to have played a major role in reducing corruption among government officials.