Prosecutors yesterday questioned the former chairman of state-funded Taiwan Asset Management Co (TAMC), Chen Song-chu (陳松柱), over his alleged inappropriate use of the company's stock earnings.
Chen was dismissed from office in March after legislators revealed details of how Chen allegedly shared nearly NT$80 million (US$2.5 million) from the company's stock investment profits last year with employees — including himself — in the form of birthday bonuses and travel grants.
Prosecutors also searched Chen's residence in Taipei, and seized two Taipei residences of Lin Tsu-te (林祖德), former TAMC investment department manager.
Prosecutors said they took a number of documents from the locations. They also went to TAMC's offices to collect some documents and talked to several employees. Chen and Lin were questioned by prosecutors following the raids.
Taipei prosecutors said the pair was suspected of committing breach of trust and pocketing the company's stock profits.
They said TAMC earned about NT$700 million to NT$800 million from its stock investments last year.
Chen is suspected of sharing nearly NT$80 million of the profits with about 50 employees. Prosecutors said Chen himself took NT$13 million, while Lin took nearly NT$10 million.
Chen has said that the company gave NT$70 million to NT$80 million of the profit to some 50 employees “in accordance with market rules.”
Prosecutors said they also suspected Chen had illegally taken performance bonuses totaling NT$24 million during his term.
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