TAIPEI (Taiwan News) — The Ma Ying-jeou Foundation said Monday it has uncovered evidence of financial misconduct involving former CEOs Hsiao Hsu-tsen (蕭旭岑) and Wang Kuang-tzu (王光慈).
The foundation said the findings followed a board meeting convened to investigate the matter. A lawyer’s report presented at the meeting concluded there was clear evidence of financial impropriety, per CNA.
A three-person investigative team, consisting of board members Lee Te-wei (李德維), Hsueh Hsiang-chuan (薛香川), and Yiin Chii-ming (尹啟銘), also presented its findings during the meeting.
Hsiao and Wang left the foundation at the end of February amid the allegations. They had been accused of financial irregularities, including trips to China during which they met Taiwanese businesspeople based there, according to CNA.
Following their resignations, Tai Hsia-ling (戴遐齡) was appointed acting CEO. At a March 27 board meeting, Tai presented testimony and evidence from preliminary internal investigations into the alleged misconduct.
An audit report presented on Monday at the meeting identified donation entries from overseas Taiwanese businesses with no specified sources, per CNA. The accounting firm found no records of corresponding inflows, saying the findings could indicate financial misconduct if such donations were received.
Former President Ma Ying-jeou (馬英九) said the departures of the two former executives were linked to financial impropriety and that the case would be referred to judicial authorities once sufficient evidence is compiled. Ma said the board meeting was held for two reasons: to appoint four new directors and to request an update from the investigative team on the alleged violations.
He said all breaches of financial discipline within the foundation must be investigated. Ma said that despite Hsiao and Wang's resignations, it is imperative to investigate the matter. He further emphasized that if they are found to be innocent, they should be exonerated.
The foundation also rejected media reports suggesting some directors viewed the violations as minor. It said the lawyer’s report found the evidence pointed to serious breaches of financial discipline.
Ma said some media coverage over the past month had been inconsistent with the facts. He said he first identified significant financial and disciplinary issues in mid-January and sought input from foundation director Kao Hua-chu (高華柱), former associates, and former National Security Council Secretary-General King Pu-tsung (金溥聰).
