Date: Mar 17, 2019
By: Hsiao Yu-han and Jake Chung / Staff reporter, with staff writer
The abrupt ouster of the chairman of the board at Minjian Investment Ltd Co (民間投資)
on Thursday is widely seen as a tactic to take over control of Formosa TV (民視) in the upcoming vote for board chair at the network, sources within Formosa TV said.
Minjian Investment has a seat on the Formosa TV board of directors and owns a 49.7 percent stake in the network, meaning that whoever it supports in the election would likely become its chair.
Minjian’s board sacked Kuo Pei-hung (郭倍宏) as chairman after a vote of no confidence to a motion proposed by board member Huang Ming-chan (黃明展), but Kuo remains chairman at Formosa TV.
Kuo received board approval to take out a NT$500 million (US$16.19 million) loan from Taishin International Bank using company shares as collateral, Huang said.