The Supreme Court of Singapore ruled Tuesday in favor of a request from Taiwan to retrieve a total of US$29.8 million embezzled by two middlemen and kept in a Singapore bank account following a 2006 scam.In the fraud case, the Taiwanese authorities were persuaded by the two men to part with the cash in return for supposed diplomatic relations with Papua New Guinea (PNG).
The Ministry of Foreign Affairs (MOFA) under the administration of former President Chen Shui-bian wired the money to an account at Singapore's OCBC Bank jointly held by the two brokers, Ching Chi-ju, a Taiwanese with an American passport, and Wu Shih-Tsai, a Singaporean, as funds in return for forging diplomatic relations between Taiwan and PNG. Full story
Related:
Singaporean court orders return of embezzled funds - Taipei Times
Singapore court orders missing funds returned to Taiwan - Taiwan Today
