Asset committee to decide on KMT-affiliated firms

Taipei Times
Date: Nov 22, 2016
By: Yang Chun-hui and Jonathan Chin / Staff reporter, with staff writer

The Ill-gotten Party Assets Settlement Committee is expected to reach a decision today on whether to nationalize two Chinese Nationalist Party (KMT)-affiliated companies’ NT$15.6 billion (US$487.5 million) worth of stock, sources said.

The committee might nationalize the stock of Central Investment Co and its spinoff Hsinyutai Co, and transform the firms into state-invested enterprises if it deems that their ownership should be transferred to the government, committee spokeswoman Shih Chin-fang (施錦芳) said on Sunday.

According to sources familiar with the matter who spoke on condition of anonymity, the committee will decide whether the KMT’s initial investment in the two firms was funded by illicitly obtained properties, while discussing options including their nationalization, reorganization into autonomous entities, or compensating the original property owners with the value of their stock.

The committee on Nov. 2 ruled that the two companies are KMT “affiliated organizations” and barred them from disposing of their assets.    [FULL  STORY]

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