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 or call 1-877-217-9502.


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SOURCE The Taiwan Fund, Inc.

Copyright 2022 PR Newswire

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