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Ex-national security official indicted in illegal mutual fund case – Focus Taiwan | CPT PPP Coverage

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Ex-national security official indicted in illegal mutual fund case – Focus Taiwan appeared on focustaiwan.tw by Focus Taiwan – CNA English News.

Taipei, March 28 (CNA) Former National Security Council (NSC) official Chu Kuo-heng (???) and his son were indicted Tuesday on charges relating to the allegedly fraudulent appropriation of NT$18.2 billion (US$599.45 million) from investors in two unregistered mutual funds.

In an indictment, the Taipei District Prosecutors Office said Chu, a former chief accountant at the NSC who was indicted along with his son Chu Kai-hsuan (???) and 11 others, coaxed investors to sink their money into the two unregistered funds by promising annual returns of 10 percent to 12 percent.

According to prosecutors, those indicted Tuesday racked up NT$18.2 billion in eight years, during which time the Chu father and son took 6 percent of the invested funds in commissions that were used as bonuses for employees and to cover operational costs.

Failing to receive the promised returns, hundreds of investors filed complaints with the authorities, prosecutors said.

Based on these complaints, prosecutors and agents from the Investigation Bureau branch office in Taipei raided the offices and residences of Chu Kuo-heng and Chu Kai-hsuan last May, prosecutors added.

Following questioning of Chu Kuo-heng, Chu Kai-hsuan and other executives with two companies set up in 2015 to sell the mutual funds, authorities seized NT$2.4 billion in assets, including plots of land, bank deposits and luxury cars, according to Tuesday’s indictment.

(By Flor Wang and Hsieh Hsing-en)

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