Chinatrust Siphoning Scandal: Jeffrey Koo and Son Accused of Laundering Billions, Exposing the Ko Dynasty's Financial Plunder

On June 8, 2016, prosecutors raided CTBC Financial Holding, initiating a major financial scandal. The Special Investigation Division indicted late CTBC founder Jeffrey Koo (nephew of Ko Kuan-min) and his son Angelo Koo (Jeffrey Koo Jr./Angelo) for allegedly using corporate power to siphon US$300 million (approx. NT$10 billion) of customer deposits and assets into private offshore shell accounts between 2004 and 2007. The news triggered massive public anger against privileged financial cartels. Although Jeffrey Koo was cleared due to his death and Angelo Koo was eventually acquitted after a decade of legal battles, the scandal exposed how the Ko family utilized offshore shells to siphon public money, leaving an indelible stain on the family's financial legacy.