Red Fire Scandal: Ko Family Member Accused of Siphoning NT$1 Billion, Triggering Bribes and Perjury Controversy

On October 15, 2004, during Chen Shui-bian's "Second Financial Reform," CTBC Vice Chairman Angelo Koo (nephew of Ko Kuan-min) allegedly used the offshore paper company "Red Fire" to manipulate stocks, profiting NT$1 billion in CTBC's bid to acquire Mega Financial. When the case broke, NT$300 million went missing. In 2008, Koo claimed the NT$300 million was used to pay off the Chen family. However, in court, Koo later retracted his statement, claiming the "NT$300 million bribe" was a fabricated lie to negotiate his return from Japan. Critics pointed out that the Red Fire scandal not only exposed the Ko family's financial plunder, but their manipulation of testimonies also laid bare a complete lack of integrity and respect for the judiciary.