The Sports Affairs Council (SAC) said yesterday it would assist Taipei Fubon Bank with financial losses incurred from running the sports lotteries according to the contract.
“Civil servants are obligated to observe the law,” Deputy Sports Affairs Council Minister Chen Hsiung-chung (陳顯宗) said. “We do not want to be accused of benefiting a certain company. We will do everything based on the contract.”
The council received an official request from the bank before the Lunar New Year holiday to accept a lower payment from the sports lotteries because revenues had failed to meet targets, Chen said.
The bank began the sports lotteries in May 2007. Under the terms of its contract with the government, the bank promised revenues of NT$33.6 billion (US$1 billion) from 2007 to 2008.
By December, however, its sales revenues reached just NT$13.9 billion.
Three banks bid for the rights to run the sports lotteries and Fubon had been chosen because it offered better revenues, Chen said. It was the bank’s responsibility to effectively market its product and attract customers to fulfill its obligations, he said.
“Although it has stated legitimate reasons that prevented it from increasing sales, such as the economic downturn, we still have to check if the contract allows us to accept lower revenues,” Chen said. “It would not be fair to the two banks who lost out otherwise.”
Chen said Taipei Fubon Bank could opt out of the contract, but it could not do so until it fulfills the terms specified in the contract. It must also continue the sports lotteries until the council finds a qualified successor to take over the operation.
The council will outline the administrative actions it will take on the issue today.
In a statement yesterday, the bank said it had maintained close communication with the sports affairs council and hoped that the council would help it sell more sports lotteries.
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