By: Matthew Strong, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – Top executives at CTBC Financial Holding, including its late chairman Jeffrey
Koo Sr., moved US$300 million (NT$9.4 billion) of the group’s assets into their private accounts, according to eight indictments announced by prosecutors Wednesday.
The alleged embezzlement happened from 2004 to 2007, when Koo and his eldest son, Jeffrey Koo Jr., officially had a CTBC asset management company buy junk bonds, but in reality told local and overseas managers inside the group to move funds between its headquarters and a Hong Kong office into the accounts of an overseas company invested by the Koos.
According to prosecutors, the father and son used this method a total of 13 times to accumulate US$300 million in their accounts. One of the schemes involved the moving of funds supposedly set aside to invest in Beijing real estate into the Koos’ private accounts by 17 different ways, reports said.
Jeffrey Koo Sr. was not indicted Wednesday because he died in 2012, but the eight charged include his eldest son. [FULL STORY]