The Executive Yuan dismissed speculations by a local magazine today that Premier Sean Chen masterminded a stock manipulation scheme that saw Taiwan's stock market rise 10 consecutive days.
The Chinese-language weekly claims the bull run began when Premier Chen phoned Finance Minister Chang Sheng-ford on November 23 with instructions to purchase large quantities of stocks. The premier describes these claims as "inconsistent with the facts" and asserts he has always respected the rules of the market.
Premier Chen explained that a meeting was called on November 23 by the Executive Yuan to discuss measures following up on the Economic Power-Up Plan. During the meeting, he directed Minister Without Portfolio Kuan Chung-ming and various ministries to hammer out concrete measures for stimulating the market and to have a plan ready within one month. The magazine's vivid allegations of him controlling the market or asking specific persons to purchase stocks are completely unfounded, Chen said.
The premier further emphasized that his instructions at the meeting were intended to promote more reasonable market rules, create an investment-friendly environment and build an efficient capital market. Anything beyond that is a stretch of the magazine's imagination, he said.