China Television Co (CTV, 中視) yesterday decided to appeal to the courts against the Securities and Futures' Investors Protection Cen-ter's provisional seizure of its two buildings over the Procomp Infor-matics Co (博達科技) scandal.
"Like all other investors, CTV is also a victim of Procomp Informatics' default," CTV vice president Chen Jiu (陳車) told a press conference at the Taiwan Stock Exchange.
CTV -- the majority of whose shares are held by the Chinese Nationalist Party (KMT)-owned Hua Hsia Investment Holding Co (華夏投資) -- saw its shares open limit down yesterday as investors weighed possible links to Procomp. The shares closed 7 percent lower at NT$10.6.
Chen said that CTV chairwoman Cheng Su-ming (鄭淑敏), who served on the Procomp supervisory board, committed no wrongdoing as an outside supervisor and therefore, CTV shouldn't be punished.
Chen urged the center to safeguard the rights of CTV's investors while seeking compensation for Procomp investors.
Accompanied by judges, center officials on Monday seized two CTV buildings worth NT$2 billion as part of their efforts to offset some of the NT$3.3 billion in claims filed by Procomp investors. The center filed a lawsuit against 19 members of Procomp's management, including Procomp chairwoman Sophia Yeh (葉素菲) and Cheng.
Although CTV has already used the two buildings as collateral for NT$1.6 billion in loans, center officials believe the buildings' remaining net worth of NT$400 million can offset some claims.
In addition to trying to get the seizure overturned, CTV will also seek a court order, requesting the center to open court trials in 20 days in order to minimize any negative impact the seizure might have on its short-term liquidity, Chen said.
SEMICONDUCTORS: The firm has already completed one fab, which is to begin mass producing 2-nanomater chips next year, while two others are under construction Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, plans to begin construction of its fourth and fifth wafer fabs in Kaohsiung next year, targeting the development of high-end processes. The two facilities — P4 and P5 — are part of TSMC’s production expansion program, which aims to build five fabs in Kaohsiung. TSMC facility division vice president Arthur Chuang (莊子壽) on Thursday said that the five facilities are expected to create 8,000 jobs. To respond to the fast-changing global semiconductor industry and escalating international competition, TSMC said it has to keep growing by expanding its production footprints. The P4 and P5
DOWNFALL: The Singapore-based oil magnate Lim Oon Kuin was accused of hiding US$800 million in losses and leaving 20 banks with substantial liabilities Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading
Citigroup Inc and Bank of America Corp said they are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it is exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it is also leaving NZBA, adding that it would continue to work with clients on reducing greenhouse gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc and Wells Fargo & Co. The largest US financial institutions are under increasing pressure
STIMULUS PLANS: An official said that China would increase funding from special treasury bonds and expand another program focused on key strategic sectors China is to sharply increase funding from ultra-long treasury bonds this year to spur business investment and consumer-boosting initiatives, a state planner official told a news conference yesterday, as Beijing cranks up fiscal stimulus to revitalize its faltering economy. Special treasury bonds would be used to fund large-scale equipment upgrades and consumer goods trade-ins, said Yuan Da (袁達), deputy secretary-general of the Chinese National Development and Reform Commission. “The size of ultra-long special government bond funds will be sharply increased this year to intensify and expand the implementation of the two new initiatives,” Yuan said. Under the program launched last year, consumers can
RSS