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
Taipei Times
Date: Oct 31, 2016
By: Chen Wei-han / Staff reporter
The Chinese Nationalist Party (KMT) yesterday disclosed financial data regarding the
Chinese Nationalist Party (KMT) Administration Committee director Chiu Da-chan speaks at a news conference in Taipei yesterday, in which financial data relevant to the establishment of the Central Investment Co were disclosed. Photo: Huang Yao-cheng, Taipei Times
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]
