The Taipei High Administrative Court yesterday ruled in favor of the Chinese Nationalist Party (KMT), suspending the transfer to the state of Central Investment Co (中央投資公司) and Hsinyutai (欣裕台) shares held by the party.
After the announcement, KMT officials claimed victory in their battle against the Cabinet’s Ill-gotten Party Assets Settlement Committee, which is headed by Wellington Koo (顧立雄).
The committee concluded that Central Investment and Hsinyutai are KMT-affiliated organizations and shares valued at about NT$15.6 billion (US$488 million) should be transfered to the state since the companies were founded using illegally obtained assets.
Photo: CNA
The committee had a letter of deposition sent to the KMT last month, giving the party 30 days to comply with the assets transfer. The party filed a court motion to block the request before a final verdict was handed down.
“The shares could be put up for open bidding or passed on to management by a third party,” said Hsu Jui-chu (許瑞助), the presiding judge and spokesman for the Taipei High Administrative Court. “However, if the KMT wins the case, then they would have lost money making the transfer. If the KMT were to be compensated for that loss, it would be a large amount to be settled.”
“If the companies were to be sold or transferred to a third party before a final verdict, then it would lead to complex legal problems, and could result in disputes, which would waste public resources. Therefore, the court has ruled to suspend the transfer of the company’s shares to the state,” Hsu said.
Photo: Wang Yi-sung, Taipei Times
Yesterday’s decision can be appealed.
In response to the ruling, Koo said it reaffirmed the committee’s conclusion that the KMT’s shares in the two investment firms were acquired using ill-gotten assets.
Quoting the court’s news release, Koo said that if the committee’s conclusion had been overturned, it would likely create a loophole whereby the two companies could divest themselves of their assets, which would defeat the purpose of the Act Governing the Handling of Ill-gotten Properties by Political Parties and Their Affiliate Organizations (政黨及其附隨組織不當取得財產處理條例), which is meant to ensure fair competition among political parties, thus improving the nation’s democratic system.
Photo: Huang Hsin-po, Taipei Times
“The KMT should stop benefiting from Central Investment and Hsinyutai. The ruling means that the KMT should neither transfer nor use the shares, effectively freezing them,” Koo said.
As to remarks by KMT Administration and Management Committee director Chiu Da-chan (邱大展) that Koo should stand down from his duties as committee chairman over the ruling, Koo said the media should ask Chiu whether the KMT would accept the court’s affirmation that the KMT shares were illegal assets as defined by the law.
The Ministry of the Interior (MOI) is to tighten rules for candidates running for public office, requiring them to declare that they do not hold a Chinese household registration or passport, and that they possess no other foreign citizenship. The requirement was set out in a draft amendment to the Enforcement Rules of the Public Officials Election and Recall Act (公職人員選舉罷免法 ) released by the ministry on Thursday. Under the proposal, candidates would need to make the declaration when submitting their registration forms, which would be published in the official election bulletin. The move follows the removal of several elected officials who were
The Republic of China (ROC) is celebrating its 114th Double Ten National Day today, featuring military parades and a variety of performances and speeches in front of the Presidential Office in Taipei. The Taiwan Taiko Association opened the celebrations with a 100-drummer performance, including young percussionists. As per tradition, an air force Mirage 2000 fighter jet flew over the Presidential Office as a part of the performance. The Honor Guards of the ROC and its marching band also heralded in a military parade. Students from Taichung's Shin Min High School then followed with a colorful performance using floral imagery to represent Taiwan's alternate name
FOUR DESIGNATED AREAS: Notices were issued for live-fire exercises in waters south and northwest of Penghu, northeast of Keelung and west of Kaohsiung, they said The military is planning three major annual exercises across the army, navy and air force this month, with the navy’s “Hai Chiang” (海強, “Sea Strong”) drills running from today through Thursday, the Ministry of National Defense said yesterday. The Hai Chiang exercise, which is to take place in waters surrounding Taiwan, would feature P-3C Orion maritime patrol aircraft and S-70C anti-submarine helicopters, the ministry said, adding that the drills aim to bolster the nation’s offshore defensive capabilities. China has intensified military and psychological pressure against Taiwan, repeatedly sending warplanes and vessels into areas near the nation’s air defense identification zone and across
A Chinese takeover of Taiwan would severely threaten the national security of the US, Japan, the Philippines and other nations, while global economic losses could reach US$10 trillion, National Security Council Deputy Secretary-General Lin Fei-fan (林飛帆) wrote in an article published yesterday in Foreign Affairs. “The future of Taiwan is not merely a regional concern; it is a test of whether the international order can withstand the pressure of authoritarian expansionism,” Lin wrote in the article titled “Taiwan’s Plan for Peace Through Strength — How Investments in Resilience Can Deter Beijing.” Chinese President Xi Jinping’s (習近平) intent to take Taiwan by force
RSS