OTHER NEWS - Oct. 2, 1992

Taiwan Tycoon Goes Free: Business tycoon James D. M. Oung, Taiwan’s largest stock trader and head of one of the island’s biggest conglomerates, was freed on $238,000 bail after testifying about his alleged role in a $22-million stock scandal, Taiwan’s largest ever. Taiwan stock prices plunged last month and the stock exchange was hit with $9.2 billion in trade-settlement defaults after Oung’s Sept. 10 arrest. Oung, who heads the Hualon conglomerate, had previously ignored three summonses to appear in Taipei District Court. Oung, whose stock trades accounted for as much as 25% of daily trading volume up to a month ago, denied wrongdoing in a sale of stock held by a Hualon company to the daughter of a former communications minister at a price alleged to be only a fraction of market value.