Former Taiwanese President Lee charged of embezzling public funds

Former Taiwanese President Lee charged of embezzling public funds

2011-07-01 01:03:22 GMT+7 (ICT)

TAIPEI (BNO NEWS) -- Former Taiwanese President Lee Teng-hui on Thursday was charged with money laundering and embezzling public funds amounting $7.79 million while he was in office.

According to China's state-run Xinhua news agency, Lee is accused of embezzling national security funds, laundering the money for personal use, and transferring it to another individual during his presidential term from 1998 to 2000.

In addition, prosecutors also indicted Liu Tai-ying, founder of the Taiwan Research Institute. It is alleged that the two individuals laundered state funds through the investigation facility.

Lee, 88, and his close ally Liu violated of the Anti-Corruption Act, the Money Laundering Control Act and the Criminal Code, according to the Special Investigation Division (SID) of the Supreme Prosecutors Office.

Wellington Koo, lawyer of the ex-president, said that his client is innocent of all accusations filed against him. He added that Lee was not allowed to fully make his case before his indictment.

Lee, Taiwan's first directly elected leader, allegedly took the money from secret diplomatic funds used by the National Security Bureau (NSB) to finance the establishment of Liu's private research institute.

If convicted, Lee could be sentenced to ten years in prison. He will not be the first Taiwanese leader to be imprisoned. His successor, Chen Shui-bian, is currently serving a 17-year jail term on two bribery convictions.

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