Asset declaration shows first lady’s stocks sold off

The China Post staff

President Chen Shui-bian’s latest asset declaration shows that first lady Wu Shu-chen has sold all her stocks that had previously landed her in stock speculation allegations. There are no more stocks under Wu’s name, according to the watchdog Control Yuan’s report on government officials’ assets released yesterday. In the president’s last filing in April 2006, there were 13 stocks under Wu’s name. If counted at their face value of NT$10 per share, they were worth a combined total of NT$48.32 million.

Wu’s stock investments had prompted allegations she might have been involved in insider trading. The latest declaration showed that Chen has four life insurance policies. This is the first time that Chen has revealed life insurance policies.

Three policies issued by the Taiwan Post Co. will return NT$1.5 million after five years, while the fourth by Cathay Life Insurance Co. will return NT$30 million after 15 years.

The president filed the latest declaration of assets Dec. 1, 2006.

The assets of the president and the first lady included eight plots of land, eight housing properties. Deposits in four bank accounts under Wu’s name amount to NT$2.82 million, while there is NT$65.9 million in trust under her name. The president also has NT$2.27 million in trust.

In the previous filing, the president put deposits of NT$494,295 in trust, while the first lady put NT$745,798 in trust.

As for other valuables, the first family has declared 15 pieces of jewelry, earnings, rings and necklaces as well as luxury watches, with a total value of NT$3.72 million.

According to the Public Functionary Assets Disclosure Law, any piece of jewelry, including watches, owned by public functionaries and worth over NT$200,000 should be listed with the Control Yuan.