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TAIPEI : The legal plight of Taiwan's ex-leader Chen Shui-bian worsened Thursday when prosecutors said they had decided to indict him and 21 others for alleged wrongdoing in two high-profile bank mergers.
Chen and the 21, who included several well-known and influential bankers, were charged with graft, money laundering, breach of trust and insider trading in connection with the mergers, said prosecutor Chen Yun-nan.
The former president's wife Wu Shu-chen and five other family members were also indicted for alleged wrongdoing in the mergers, which took place as part of financial reforms during Chen's terms in office between 2000 and 2008.
According to the indictment, Chen received 12.5 million US dollars in bribes in connection with Cathay Financial Holding's acquisition of United World Chinese Commercial Bank.
Cathay is the largest listed financial services provider in Taiwan by assets.
The ex-leader and his wife were also accused of bagging 6.8 million US dollars from the merger of Yuanta Securities and Fu-Hwa Financial. Yuanta executive Michael Ma was indicted on breach of trust over the deal.
A number of bankers were charged with money laundering while Jeffrey Koo Jr, former vice chairman of Chinatrust Financial, was indicted on charges of making illegal gains of 30 million US dollars though insider trading.
Chen, 59, was sentenced to life in jail in November for embezzling state funds, laundering money, accepting bribes and forgery. His wife also received life imprisonment on graft convictions.
Chen, whose term as president ended in May last year, has dismissed his conviction as a political vendetta by the China-friendly Kuomintang government for his lifelong push for the island's independence.
He is currently appealing the life sentence while in detention.
- AFP/vm
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