US forfeits properties of ex-Taiwanese president
Washington: The US has forfeited properties worth USD 2.1 million which were allegedly purchased with the proceeds of bribes paid to the family of the former Taiwanese president, Shui-Bian Chen.
This includes a Manhattan condominium and a Virginia residence - with a combined value of approximately USD 2.1 million, the Department of Justice said.
Both properties were previously owned by the former first family of Taiwan through a British Virgin Islands shell company.
The US Immigration and Customs Enforcement (ICE) has taken possession of the Virginia property.
The title of the Manhattan condominium has been vested through court order to the government.
According to the civil forfeiture complaints filed in this case during former president Chen`s administration, Yuanta Securities Co Ltd allegedly paid a bribe of 200 million New Taiwan dollars (equivalent to approximately USD 6 million USD) to former first lady Sue-Jen Wu in 2004 to ensure that the Taiwan government would not oppose Yuanta`s bid to acquire a financial holding company.
The former first family allegedly used Hong Kong and Swiss bank accounts, British Virgin Island companies and a St Kitts and Nevis trust to purchase the two properties, the Department of Justice said.
One of the shell companies, Avallo Limited, which held title to both properties through US domestic companies, settled both forfeiture actions under terms that provide for the sale of the property and forfeiture to the US government of approximately 85 per cent of the net proceeds from the sale of both properties.
"The Kleptocracy Initiative was established to prevent corrupt leaders from using the United States as a safe haven for their ill-gotten gains," said Assistant Attorney General Lanny Breuer said.
"The former president of Taiwan`s family allegedly accepted millions in bribes in exchange for official action favouring Yuanta Securities, and we have now taken possession of two valuable properties purchased with their alleged spoils.
"We are committed to using every tool available to root out foreign official corruption," he said.
More from India
More from World
More from Sports
More from Entertaiment
- Congress workers blow up pigeons by blasting them inside rockets
- Beef row: Lalu Prasad Yadav contradicts his statements
- Lalu Yadav's son Tejasvi Yadav wants to change the face of Bihar education
- Indrani Mukerjea attains consciousness; is now out of danger
- News reporter Hemant Yadav shot by unidentified bikers
- Indrani Mukerjea regains consciousness, out of danger, says hospital
- Dadri lynching case: Sadhvi Prachi makes provocative remark, says beef-eaters deserve such fate
- Is Salman Khan - Aamir Khan friendship over?
- Modi must be punished, he has cheated people: Ram Jethmalani
- Was Giani Zail Singh planning to topple Rajiv Gandhi govt in 1987?