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Chiu Yi accuses Chao of laundering money

Chinese Nationalist Party (KMT) Legislator Chiu Yi (邱毅) yesterday accused former president Chen Shui-bian’s (陳水扁) son-in-law Chao Chien-ming (趙建銘) of setting up three companies in the British Virgin Islands to launder money for his family.

Chiu said the firms were established in 2005, when Chao was involved in an insider trading scandal in which he and his father allegedly met with Waterland Securities Co board director Tsai Chin-wen (蔡清文) and businessman Yu Shih-yi (游世一) to manipulate Taiwan Development Corp (TDC) stock prices.

Last June, the Taiwan High Court sentenced Chao to seven years in prison for his involvement in the scandal.

Showing a copy of what he said was an application form from Chao’s company, Chiu told a press conference that Chao wired US$2 million to the islands to form the “one-man company” and then applied to disband the company in 2006.

“Where did Chao come up with so much money? How much of Chen and his wife Wu Shu-jen’s (吳淑珍) money was transferred to the islands over the period of time?” Chiu asked yesterday at the Legislative Yuan. “Also, as [Chao’s] wife, is it possible that Chen Hsing-yu (陳幸妤) knew nothing about this?”

According to the document provided by Chiu, the name of the company was “Ann Ting Co Ltd,” and the address of the applicant was Chen Shui-bian’s former residence on Minsheng E Road.

Chiu said the name of the company, Ann Ting, was composed of the names of Chao’s two sons, Chao Yi-an (趙翊安) and Chao Yi-ting (趙翊廷).

Another company was set up by Yu with US$2 million, Chiu said.

Chao Chien-ming yesterday acknowledged setting up the company in 2005, but denied using it to launder money.

When asked for comment, Chen Hsing-yu brushed off the accusations and ridiculed Chiu’s credibility.

“Do you have to dance to Chiu Yi’s accusations? Were Chiu Yi’s words an imperial edict?” she said to a group of reporters on her way to work.

Chiu said that Chao Chien-ming and Yu’s moves violated the Money Laundering Control Act (洗錢防治法) and that he had already handed the case over to the Ministry of Justice for further investigation.
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