The Supreme Court of Singapore has ruled that Ching Chi-ju, a Taiwan national, must return the US$29.8 million in funds that he unlawfully acquired by defrauding the government of Taiwan, the Ministry of Foreign Affairs said Oct. 19.
“We are pleased to learn of the decision by the Supreme Court of Singapore,” MOFA said in a statement released to the press.
In 2006, Ching was appointed special broker of the ROC, whose mission was to use the nearly US$30 million he had been given by the government to help Taiwan establish diplomatic ties with Papua New Guinea.
Instead of using the funds for their intended purpose, however, Ching, along with his accomplice Wu Shih-tsai, transferred the funds to a personal account in Singapore.
On May 10 of this year, the High Court of Singapore ruled that Ching had to return his embezzlement money to Taiwan, a ruling that Ching subsequently appealed.
“We have retrieved more than US$5.9 million so far,” MOFA spokesman James Chang noted. “We will seek further judicial help and do our utmost to retrieve the full sum.”
Investigators familiar with the case said that Ching has already laundered the money by purchasing, and then selling, stocks, structured notes and various other financial instruments.
It is believed that the funds are now deposited at various secret bank accounts located in the U.S., Europe and elsewhere.
Ching is currently living in the U.S., a nation with which Taiwan has no extradition treaty. Wu is serving a 28-month sentence in a Taiwan prison for forging documents, bringing false charges and other crimes. (HZW)
Write to Grace Kuo at morningk@mail.gio.gov.tw