Legislators from several parties lashed out yesterday at first lady Wu Shu-jen (吳淑珍) for gains made after her assets were put into trust, adding that President Chen Shui-bian's (陳水扁) pledge to stay away from the stock market was a lie.
"Given that Chen announced during his re-election that his family members would not buy and sell stocks from then on, why did Wu still buy Fubon No. 1 REIT with a face value of about NT$40 million?" Taiwan Solidarity Union Legislator Lo Chih-ming (羅志明) said.
Lo made the remarks in a meeting of the legislature's Finance Committee. His comments were echoed by other legislators.
According to the latest report on public officials' assets released by the Control Yuan on Tuesday, Wu had NT$48.32 million in stocks, up from the NT$8.19 million declared in a June 11, 2004 report.
Tuesday's report also showed that the first couple's savings had dropped to NT$3.31 million from the NT$42 million they declared on Nov. 7 last year.
If Wu retained the right to make decisions about her investments even after she put her stock assets into a trust, then it was not a real trust, Lo said.
"If the members of the first family were still involved in the stock market, it was no wonder that they were accused of speculating in stocks," Lo said.
Chinese Nationalist Party (KMT) Legislator Alex Fai (
The problem, he said, was the heads of the Fubon group have been very close to the first family.
"Given that close relationship, Wu's purchase of Fubon No. 1 REIT shares would inevitably arouse suspicion about the possibility of insider trading," Fai said.
People First Party Legislator Wu ching-chih (吳清池) said he didn't understand why Wu had not stopped making stock investments.
"I thought the first family was already very rich. The president should be able to do a better job of reining in Wu's investments," Wu said.
The Presidential Office yesterday dismissed speculation that Wu was still playing the stock market, saying she used NT$40 million to purchase mutual funds, not shares.
"The first lady has not bought more stocks since putting her assets into trust in 2004," the Presidential Office's Department of Public Affairs said in a statement. "To invest in mutual funds is not against the spirit of the law, nor is it an excessive investment in stocks."
Additional reporting by Ko Shu-ling
“China is preparing to invade Taiwan,” Deputy Minister of Foreign Affairs Francois Wu (吳志中) said in an exclusive interview with British media channel Sky News for a special report titled, “Is Taiwan ready for a Chinese invasion?” the Ministry of Foreign Affairs said today in a statement. The 25-minute-long special report by Helen Ann-Smith released yesterday saw Sky News travel to Penghu, Taoyuan and Taipei to discuss the possibility of a Chinese invasion and how Taiwan is preparing for an attack. The film observed emergency response drills, interviewed baseball fans at the Taipei Dome on their views of US President
The Central Weather Administration (CWA) today issued a "tsunami watch" alert after a magnitude 8.7 earthquake struck off the Kamchatka Peninsula in northeastern Russia earlier in the morning. The quake struck off the east coast of the Kamchatka Peninsula at 7:25am (Taiwan time) at a depth of about 19km, the CWA said, citing figures from the Pacific Tsunami Warning Center. The CWA's Seismological Center said preliminary assessments indicate that a tsunami could reach Taiwan's coastal areas by 1:18pm today. The CWA urged residents along the coast to stay alert and take necessary precautions as waves as high as 1m could hit the southeastern
ECONOMIC BENEFITS: The imports from Belize would replace those from Honduras, whose shrimp exports have dropped 67 percent since cutting ties in 2023 Maintaining ties with Taiwan has economic benefits, Ministry of Foreign Affairs officials said yesterday, citing the approval of frozen whiteleg shrimp imports from Belize by the Food and Drug Administration (FDA) as an example. The FDA on Wednesday approved the tariff-free imports from Belize after the whiteleg shrimp passed the Systematic Inspection of Imported Food, which would continue to boost mutual trade, the ministry said. Taiwan’s annual consumption of whiteleg shrimps stands at 30,000 tonnes, far exceeding domestic production, the ministry said. Taiwan used to fill the gap by importing shrimps from Honduras, but purchases slumped after Tegucigalpa severed diplomatic ties with Taiwan
The Executive Yuan yesterday approved a southwestern extension of the Sanying MRT Line from New Taipei to Bade District (八德) in Taoyuan, with a goal of starting construction by late 2026. The 4.03-kilometer extension, featuring three new stations, will run from the current terminus at Yingtao Fude Station (LB12) in New Taipei City to Dannan Station (LB14), where it will connect with Taoyuan’s Green Line, New Taipei City Metro Corp said in a statement. This extension will follow the completion of core Sanying Line, a 14.29-kilometer medium-capacity system linking Tucheng (土城), Sansia (三峽)