SEED MONEY:The financial data refute the claim that Chiloo Industries came to the nation with nothing and raised capital by plundering Taiwan, a KMT official said
Date: Oct 31, 2016
By: Chen Wei-han / Staff reporter
The Chinese Nationalist Party (KMT) yesterday disclosed financial data regarding the
establishment of Central Investment Co (中央投資公司), saying the party used legal sources of income to raise capital to found the firm, which is suspected of being a KMT-affiliated organization.
The KMT in 1971 raised NT$200 million (US$6.32 million at current exchange rates) in founding capital using government bonds paid for by party membership fees, a special fee collected from party members and the profits of party-run organizations, KMT Administration Committee director Chiu Da-chan (邱大展) told a news conference.
The party collected NT$1.66 billion from 1945 to 1971, including NT$1.38 billion in membership fees and NT$700 million in accumulated interest from party-run organizations, which was more than sufficient to fund the establishment of Central Investment, Chiu said. [FULL STORY]