A group of lawyers and civic groups yesterday said that if the “cronyism in the finance sector and judiciary” that began under the Chinese Nationalist Party (KMT) persists, young people — who are facing the concentration of capital, impoverishment and a low birth rate — risk becoming a “crumbled generation.”
Lawyer Fan Jen-yu (樊仁裕) said that the finance sector has hired people from the former administration to be their “door gods.”
For example, Hsueh Hsiang-chuan (薛香川) has been the vice chairman of CTBC Financial Holding (中信金控) since resigning as Executive Yuan secretary-general during former president Ma Ying-jeou’s (馬英九) first term in 2009, former Mega Financial Holding Co chairman Mckinney Tsai (蔡友才), who resigned in April, became one of Cathay Financial Holding Co’s board of directors (until he resigned on Aug. 23), Catherine Lee (李紀珠), the chairperson of state-run Taiwan Financial Holdings until the end of last month, was formerly the president of Shin Kong Financial Holding Co, Fan said.
He also called on Tsai’s administration to hold former Mega Financial Holding Co chairman Shiu Kuang-si (徐光曦) — who resigned on Thursday — accountable for breaches of US money laundering rules rather than “keeping him at large because he is central bank Governor Perng Fai-nan’s (彭淮南) sister-in-law’s husband.”
The composition of the Committee of Illegal Party Asset Settlement, Tsai’s grand justice picks and the members of the Executive Yuan’s monitoring taskforce overlooking the Mega Bank incident are all in one way or another related to a particular law firm and the Judicial Reform Foundation, Fan said.
Northern Taiwan Society Chairman Chang Yeh-sen (張葉森) said that there have been a string of financial malpractice cases but the government has not demonstrated “resolve” in dealing with them.
National Taiwan University professor of law Chen Chih-lung (陳志龍) said economic crimes and serious corruption are rarely prosecuted, making Taiwan a “haven for economic crimes.”
Wang Yi-kai (王奕凱), who was an active participant in the Sunflower movement protests, said the economy has fallen into the hands of “crony capitalists... to the extent that, according to The Economist, Taiwan is even worse than China in this respect.”
“Taiwan is also relying far too much on an ‘insubstantial economy’ that puts too much emphasis on land speculation and financial exchange and is a breeding ground for political nepotism,” he said, calling on the government to support startups by providing information on the needs of the global economy and promoting value-added production.
The coast guard drove away 567 Chinese boats and seized seven illegally operating in Taiwanese waters in the first six months of this year, the Coast Guard Administration (CGA) said yesterday. They mostly operated near Kinmen and Penghu counties, resulting in fines totaling NT$1.7 million (US$52,440), it said. Three ships — two near Kinmen County and one near Penghu County — were detained in January for illegally crossing the border, while one ship each was detained near Kinmen in February and Penghu in March respectively, it said. The ship seized near Penghu in January was the Yun Ao (雲澳), detained by the CGA’s
The entire Alishan Forest Railway line is to reopen for the first time in 15 years on Saturday, with tickets to go on sale at 2pm today. The historic railway from Chiayi to Alishan (阿里山) is finally set to reopen after the completion of the final No. 42 tunnel, Alishan Forest Railway and Cultural Heritage Office Deputy Director-General Chou Heng-kai (周恆凱) said. It is to run on a new timetable, with four trains daily, he said. The 9am train is to depart from Chiayi Railway Station bound for Shizilu Station (十字路), while the 10am train departing from Chiayi is to go all the
FLU CONTINUES: Hospitals reported 101,091 visits for flu-like illnesses last week, while 68 severe cases and 16 flu-related deaths were also reported, the CDC said The Centers for Disease Control (CDC) yesterday reported 932 hospitalizations due to COVID-19 and 64 related deaths for last week, adding that the number of people who had contracted new SARS-CoV-2 subvariants KP.2 and LB.1 has increased. The number of people hospitalized due to COVID-19 increased from 815 in the previous week to 932 last week, while 90 percent of the 64 deceased were aged 65 or older, CDC physician Lin Yung-ching (林詠青) said. JN.1 was still the dominant variant among local and imported cases in the past four weeks, while KP.2 was the second-most common, Lin said. Cases with the LB.1 subvariant
Beijing’s recent provocative actions against the Philippines in the South China Sea were partly meant as a “dress rehearsal” for the invasion of Taiwan, former US deputy national security advisor Matt Pottinger said at a Heritage Foundation forum in Washington on Tuesday. Beijing’s blocking of a Philippine resupply mission on June 17 with unprecedented violence had multiple implications. “What they’re doing is trying to demonstrate that they can blockade, create a sense of futility and discredit the idea that the United States is going to help not only the Philippines, but by extension Taiwan,” Pottinger said. Pottinger was referring to a clash