Forbes
Date: June 10, 2016
By: Russell Flannery , FORBES STAFF
Taiwan prosecutors on Wednesday arrested a member of Taiwan’s billionaire Koo clan for suspected involvement in illegal transactions at the family-controlled CTBC Financial Holding.
CTBC, founded by the late Jeffrey Koo and formerly known as Chinatrust, is suspected of transferring
Jeffrey L.S. Koo, father of Jeffrey Koo, Jr., died in 2012. He built CTBC into one of Taiwan’s largest financial institutions. (Photo: AFP/AFP/Getty Images)
$300 million into bank accounts controlled by his son Jeffrey Koo, Jr. and other CTBC staff from 2003 to 2007 for personal investments, while claiming that the money was for overseas investments by its subsidiaries, Taiwan’s Central News Agency reported.
Koo, who has previously faced investigation in Taiwan, was released early Thursday on $3.1 million bail and is barred from traveling abroad. He faces charges of violating the Banking Act and the Securities and Exchange Act, CNA said. Authorities are also looking into other suspected illegal transactions involving CTBC and Gobo Group, a local business.
After being released on Thursday, Koo told reporters there was a “misunderstanding.” Click here for CNA’s report.
The Koos ranked No. 29 on the 2015 Forbes Taiwan Rich List with an estimated fortune worth $1.34 billion. That estimate is separate from the fortune of the Koo family wing connected to Taiwan Cement, one of Asia’s largest cement suppliers. [FULL STORY]
