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Sean Lien cleared of stock speculation allegations

Sean Lien cleared of stock speculation allegations

Taipei, April 20 (CNA) Sean Lien (???), son of former Vice President Lien Chan (??), is in the clear after prosecutors found no evidence of alleged stock speculation made by a political pundit as he prepared to run for Taipei mayor. "Justice delayed is justice denied," the junior Lien said Monday when asked about the Taipei District Prosecutors Office's move to close the case after finding no evidence of illegal conduct. "The harm has been done," he said, criticizing the accusations made in March 2014 that he engaged in stock speculation as political manipulation. Lien, a member of the Central Committee of the ruling Kuomintang (KMT), lost the Taipei mayoral election on Nov. 29, 2014 under the party's flag. He was defeated by independent Ko Wen-je (???) by nearly 15 percentage points. Clara Chou (???), a television and radio pundit who badgered Lien throughout the campaign, filed a complaint at the district prosecutors' office against the then mayoral candidate, saying he orchestrated the rise of Johnson Health Tech shares in 2005 by announcing he was investing in the listed company.
Chou also accused Lien of helping push up the value of the Taiwan Depositary Receipts (TDRs) of Hong-Kong-based Golden Meditech Holdings Co. by publicizing that he was a major shareholder of the company and then profited from it. Prosecutors said Lien has never sold the shares he held in Johnson Health or those he held in Golden Meditech through a company he set up in Hong Kong named Evenstar, indicating that he did not profit from either of the stocks' increase in value. Prosecutors therefore dropped the case because it did not find any evidence that Lien violated the Securities and Exchange Act. (By Claudia Liu and Elizabeth Hsu)


Updated : 2021-09-22 04:45 GMT+08:00