Asia-Pacific News
Palau probes suspected money laundering by Taiwan's ex-president
Nov 9, 2009, 10:52 GMT
Taipei - The Pacific island nation of Palau is probing suspected money laundering by Taiwan's ex-president Chen Shui-bian, Taiwan television reported Monday.
Cable TV channel TVBS, in a dispatch from Palau, said Chen is suspected of routing 40 million US dollars in 2005 through Palau's Pacific Savings Bank to the United States and other countries.
Palau's President Toribiong confirmed a suspicious transaction took place.
'Some 40 million US dollars went through the bank in 2005. I do not know where the money came from and where it went to. We have asked for judicial assistance from Taiwan [to probe this matter],' he said on TVBS.
The Pacific Savings Bank collapsed in 2007, TVBS said.
Chen served two terms as Taiwan's president from 2000-2008. On September 11, the Taipei District Court sentenced him to a life term on corruption charges, including embezzling state funds and money laundering.
Chen denied the charges and called the sentencing political persecution by President Ma Ying-jeou's government.
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