DPP authorities urged to explain financial relationship after Pelosi’s son found to be among her delegation
Published: Aug 13, 2022 01:36 AM
 A view of the Taiwan Straits is seen from Xiamen port, in East China's Fujian Province. Photo: IC
A view of the Taiwan Straits is seen from Xiamen port, in East China's Fujian Province. Photo: IC

The DPP authorities in the island of Taiwan were urged to explain whether they have a financial relationship with visiting US politicians after the public found Pelosi's son, without a government post or specific mission, was a shady member of the delegation. 

Paul Pelosi Jr, Nancy Pelosi's only son, was not in the official list of Pelosi's team to Asia. He has no government post and is not a consultant of Pelosi either, prompting political figures and netizens on the island to suspect whether he has a secret mission that cannot be exposed, such as seeking interests for his family. 

Several politicians including KMT caucus whip Tseng Ming-chung have urged the DPP authorities to explain whether the visit involved business interests. Tseng has served as Taiwan region's deputy chief of finance and chaired the island financial supervisory commission. 

Analysts on the island said Tseng's work was to investigate insider trading stock speculation and tricks never escaped under his eyes. And there must be something wrong when an insider like Tseng is urging DPP authorities to explain. 

"These skillful politicians only visit for interests," read one netizen's comment on social media. 

Before Pelosi, the former US secretary of state Mike Pompeo was paid over $100,000 to appear on the island, while US Senator Lindsey Graham told Taiwan's regional leader Tsai Ing-wen that he hoped Taiwan would buy Boeing 787 Dreamliner jets, media reports said.

Chiu Yi, a former "lawmaker" in Taiwan and a Taiwan-based pro-reunification scholar, told the Global Times on Friday that American politicians always come to Taiwan island for two purposes: to get Taiwan's financial support, or to promote procurement. Pelosi's visit exposed a third - filling pockets with financial and stock market manipulation.

According to Chiu, Paul Pelosi Jr's more important role was to connect Pelosi and her husband in the US. 

Asian, US and European stocks were all affected by Pelosi's visit to Taiwan. Her son basically followed the father to do financial operations, mergers and acquisitions, so there was obviously a high degree of insider stock trading suspicion: the husband runs the business in the US, Pelosi was in charge of causing trouble, and the son worked as an aide to Pelosi, the expert said.

"Because of her busy schedule, Pelosi herself didn't have much time and space to keep in touch with her husband in the US. She couldn't let too many people know about their financial manipulation amid the Taiwan visit, and couldn't even ask her secretary to do it, so she could only trust her son," Chiu explained. 

Pelosi claimed her son was her escort and had no business dealings during the trip. But some believe Pelosi was attempting to benefit her family interests at the expense of China-US relations and peace across the Taiwan Straits. 

The DPP authorities were also asked to publish the discussions between Nancy Pelosi and Taiwan Semiconductor Manufacturing Co (TSMC), Taiwan media reports said. 

Chiu said he is pretty sure that Pelosi's son talked about some deal with TSMC after being introduced to TSMC Chairman Mark Liu on August 3. However, it is not clear whether it was related to TSMC's investment in the US or the purchase of TSMC chips.
Besides chips, Wang Yu-ching, a Taiwan cross-Straits observer who lives in the mainland, told the Global Times that Pelosi's visit to Taiwan with her son also likely involved future arrangements for the family to monopolize the sale of Taiwan products, ranging from biotechnology, precision instruments to high-end agriculture, some of the most lucrative industries on the island.

For example, Pelosi's family may consider taking over the business of bringing green organic produce from the island of Taiwan to Japan, which has huge demand for such agricultural products due to nuclear contamination and the market prices are ideal, Wang said. 

In terms of biotechnology, a way to earn financial and political gain is promoting American biomedical enterprises to set up factories in Taiwan island, and that's what Pelosi's family might focus on as well, Wang said. 

Besides, Taiwan has long been engaged in the manufacturing of components for the arms and auto industries, and has complete American-style manufacturing plants. The Pelosi family may want to broker business with Taiwan, Wang said.

Inviting spouses and adult children on foreign trips is allowed for Congressional delegations, but the anger and accusations are not only against a shady delegation member of unclear motive, but also because of Pelosi's irresponsible stubbornness that led to the current tensions, said observers. 

Other voices lambasted the latest move by the Taiwan defense authorities who signed a deal with the US worth $8.9 million for Patriot air defense missile systems following the mainland's military drills. During military operations by the Chinese People's Liberation Army in response to Pelosi's visit, the PLA for the first time in a drill fired conventional missiles passing over the island of Taiwan.