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First lady made stock gains

According to the latest report on public officials' assets released by the Control Yuan yesterday, first lady Wu Shu-jen (吳淑珍) made some NT$40 million (US$1.25 million) on stocks in the past 22 months.

The report showed that the face value of Wu's stock assets was NT$48.32 million, up from NT$8.19 million declared in a report on June 11, 2004. According to the report, Wu's stock assets were put into trust and managed by Hua Nan Bank.

Hua Nan's chairman is Lin Ming-cheng (林明成), who is involved in the scandal over the chairmanship battle of Hua Nan Financial Holdings and the ownership fight over Pacific Sogo Department Store, in which high government officials are alleged to have exerted influence behind the scenes.

Wu's trust arrangement with Hua Nan Bank will give President Chen Shui-bian's (陳水扁) political opponents more ammunition in their accusations about an improper relationship between Lin and the first family -- particularly since the stock gains were so large.

Chinese Nationalist Party (KMT) Legislator Chiu Yi (邱毅) has ac-cused Lin of giving NT$2 million to Ma Yung-cheng (馬永成), deputy secretary-general of the presidential office, to secure the chairmanship of Hua Nan Financial Holdings. Ma denied Chiu's accusation.

The Presidential Office yesterday issued a statement dismissing media speculation that the first lady asked Lin to personally handle her stock trading, which helped her rake in the large sum within two years.

The statement said that Wu had not purchased additional stocks since putting her assets in trust at Hua Nan Financial Holding Co in November 2004, and that she never asked Lin to handle her stocks.

The statement also denied a media report saying that the president had failed to follow regulations on compulsory property trusts for civil servants in 2004.
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