BOSTON, May 17, 2022
/PRNewswire/ -- On May 17, 2022,
Allianz Global Investors U.S. LLC ("AGI
US"), the investment adviser to The Taiwan Fund, Inc.
(NYSE: TWN) (the "Fund"), pled guilty in the U.S. District
Court for the Southern District of New
York, in a case captioned United States of America v. Allianz
Global Investors U.S. LLC, to one count of securities
fraud in violation of Title 15, United States Code, Sections 78j(b)
and 78ff, Title 17, Code of Federal Regulations, Section
240.10b-5, and Title 18, United
States Code, Section 2. In addition, the U.S. Securities and
Exchange Commission ("SEC") entered an administrative
cease-and-desist order against AGI
US on the same date for violations of Section 10(b) of the
Exchange Act and Rule 10b-5
thereunder and Sections 206(1), 206(2) and 206(4) of the Advisers
Act and Rules 206(4)-7 and 206(4)-8 promulgated thereunder. The
resolutions related to a discontinued offering by AGI US of certain private investment funds,
which have since been liquidated.
Also on May 17, 2022, the SEC
issued an order under Section 9(c) of the Investment Company Act of
1940 granting temporary exemptive relief that permits AGI US to
continue to act as an adviser to closed-end investment funds for a
period of four months to allow for an orderly transition of such
services to another investment adviser. Under the terms of
the order, among other conditions, AGI US (or one of its
affiliates) will bear all expenses associated with the transition,
including expenses associated with obtaining necessary stockholder
approvals.
The Board of Directors of the Fund is currently assessing the
Fund's options, including the identification and selection of a
replacement adviser, which will be subject to stockholder
approval.
The Fund is a diversified closed-end investment company, which
seeks long term capital appreciation primarily through investments
in equity securities listed on the Taiwan Stock Exchange. Shares of
the Fund are listed on the New York Stock Exchange under the ticker
symbol "TWN."
For additional information on the Fund, including information on
the Fund's holdings, visit the Fund's website at
www.thetaiwanfund.com or call 1-877-217-9502.
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SOURCE The Taiwan Fund, Inc.