The Securities and Futures Commission said yesterday that there was no question of insider trading in connection with first lady Wu Shu-chen's stock trading.
A report in a Chinese-language newspaper yesterday said the asset report President Chen Shui-bian (陳水扁) had filed with the Control Yuan had raised questions about Wu's trading last November and December.
The paper said Wu had made deals worth almost NT$30 million in those two months. It noted that Wu had sold her shares of Sinopac Holdings Co on Dec. 12, the day the media reported that Sinopac was likely to merge with Cathay Financial Holding Co. On Dec. 13, the media reported that the merger was a no-go and Sinopac's share value slumped.
The newspaper said Wu was one of the few investors who managed to sell her shares before Sinopac's stock fell.
"According to the commis-sion's understanding, there was nothing illegal with Wu's deals," said Chung Hui-chen (鍾慧貞), vice chairwoman of the commission.
KMT and People First Party (PFP) legislators yesterday questioned Wu's luck with stocks.
"How come -- at a time when most small investors were losing money -- Wu was able to avoid a loss by selling her shares before the slump?" PFP Legislator Chou Yi asked. "Was inside dealing involved? Did Wu Shu-chen break Securities Transaction Law (證券交易法) with her dealings? Wu should give an explanation of her dealings."
The DPP's campaign headquarters said the deals were legal.
"The first lady did not buy at the lowest price and sell at the highest price. She also reported the profits to the Control Yuan," said spokesman Wu Wu Nai-jen (
Taiwan is to receive the first batch of Lockheed Martin F-16 Block 70 jets from the US late this month, a defense official said yesterday, after a year-long delay due to a logjam in US arms deliveries. Completing the NT$247.2 billion (US$7.69 billion) arms deal for 66 jets would make Taiwan the third nation in the world to receive factory-fresh advanced fighter jets of the same make and model, following Bahrain and Slovakia, the official said on condition of anonymity. F-16 Block 70/72 are newly manufactured F-16 jets built by Lockheed Martin to the standards of the F-16V upgrade package. Republic of China
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