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| Hsieh Ching-liang has been blamed for gambling on Ablerex shares. (File photo/Hung Hsi-lung) |
The Taiwan
government's three major funds have requested compensation from banking group
ING after reports that its former vice president in Taiwan Hsieh Ching-liang
lost NT$200 million (US$6.7 million) investing with their money, China Times
reported on Nov. 1.
Our sister
newspaper reported that Hsieh allegedly invested the money from labor
insurance, labor compensation and government employees' compensation funds in
power converter manufacturer Ablerex but lost the money within three weeks.
Hsieh also allegedly manipulated the stocks by dealing with a third party's
account.
The Labor
Insurance Bureau's financial chief Tsai Chung-chun said Hsieh was responsible
for NT$54 million (US$1.8 million) of the total losses. ING has agreed to pay
up Hsieh's responsibility within 90 days.
"They
have paid back approximately NT$12 million (US$400,000) so far," Tsai said.
Tsai said
that the bureau has reminded ING to be aware of the potential risks of Ablerex
shares since it was only listed in 2010. The bureau also requested Hsieh be
replaced as fund manager in August.
Labor
compensation fund manager Huang Chao-hsi said that Hsieh was responsible for
approximately NT$13 million (US$433,000) of the total NT$81 million (US$2.7
million).
"We
have requested compensation from ING. However, we are requesting for the total
loss of NT$81 million because Hsieh should take responsibility as a senior
investor for ING," Huang said.
References:
Hsieh
Ching-liang 謝青良
Tsai
Chung-chun 蔡中淳
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