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President respects insider trading ruling, aide reveals

President respects insider trading ruling, aide reveals

Both the Presidential Office and the ruling Democratic Progressive Party said yesterday that they respected the Taipei District Court's verdicts on President Chen Shui-bian's (陳水扁) son-in-law and other defendants who were found guilty for their involvement in insider trading.
Presidential Office Deputy Secretary-General Liu Shih-fang (劉世芳) admitted that President Chen was concerned about the outcome of the case, but said the president respects the court's decision and the defendants' right to appeal this case to a higher court.
The district court sentenced the president's son-in-law, Chao Chien-ming (趙建銘), to six years in prison and fined him NT$30 million for his involvement in insider trading of Taiwan Development Corp. shares. Chao's father, Chao Yu-chu, got a prison term of eight years and four months, along with a fine of NT$30 million, while former TDC Chairman Su Teh-chien got four years and three months.
According to the verdict, Chao garnered more than NT$54 million in actual gains from the trading together with his father, although pro forma earnings calculated in accordance with the Securities Transaction Act amounted to only NT$4.27 million.
Asked how President Chen felt about the convictions of his in-laws, Liu said she could not answer that question on behalf of the president, as those in-laws are not staffers of the Presidential Office. She said the president will continue to show his concern, and in the meantime, he would also respect the right of the defense attorney to appeal this case to a higher court for another trial.
DPP Secretary-General Lin Chia-lung (林佳龍) said the court rulings on the Chao case was further proof of the independent operations of Taiwan's judicial system.
Chao Chien-ming, an orthopedic surgeon at National Taiwan University Hospital, was suspended from duty immediately after he was indicted in July.
Lin Ho-hsiung, a spokesman for the NTU Hospital, said that Chao will continue to be suspended from duty until after the judiciary has come up with a final decision on the case.
Lin said the NTU Hospital is also waiting for a decision from the Judicial Yuan's Commission on the Disciplinary Sanctions of Public Functionaries before deciding how to deal with Chao. Lin disclosed that the commission secretly met to discuss the issue 20 days ago, but added that it did not make a final decision at that meeting.


Updated : 2021-04-20 11:56 GMT+08:00