ILLEGAL HOLDING:The party has 30 days from the issuance of a disposition to hand over its shareholding rights to Central Investment, the ill-gotten assets committee said
Taipei Times
Date: Nov 26, 2016
By: Sean Lin / Staff reporter
The Chinese Nationalist Party (KMT) must transfer all its rights to shares issued by Central Investment
Ill-gotten Party Assets Settlement Committee Chairman Wellington Koo holds a news conference yesterday in Taipei to explain the committee’s decision to classify the Chinese Nationalist Party (KMT) headquarters as an ill-gotten asset. Photo: Fang Pin-chao, Taipei Times
Co (中央投資公司) and Hsinyutai Co (欣裕台) to the government, the Ill-gotten Party Assets Settlement Committee said yesterday, after concluding that the two companies were founded using illegally obtained assets.
Committee Chairman Wellington Koo (顧立雄) said the committee would send the KMT a letter of disposition no later than Tuesday and give it 30 days to comply with the assets transfer.
The “rent” the KMT pays for its headquarters on Taipei’s Bade Road, Sec 2 — registered under Central Investment and Hsinkuanghua Co (欣光華股份有限公司) — must be paid to the government after the transfer of shareholding rights, Koo told a news conference after the committee meeting.
Central Investment is a wholly owned holding company of the KMT, while Hsinkuanghua is a fully owned subsidiary of Central Investment, the committee’s investigation found.
The KMT in late July signed a five-year contract with Central Investment and Hsinkuanghua to lease the building and paid the rent — totaling about NT$320 million (US$10 million) — in advance, despite not having allocated any funds for the rent this year, Koo said, adding that the KMT probably secured the lease out of fear of having its ill-gotten assets seized. [FULL STORY]
