NDF used to help China infiltrate firms, NPP says

DEEP RED? After its merger with Chinese firm JD United, Roo Hsing became controlled by people with Chinese Communist Party connections, an NPP candidate said

Taipei Times
Date: Jun 22, 2018
By: Ann Maxon  /  Staff reporter

The National Development Fund (NDF) might have been used to help Chinese state-

New Power Party Executive Chairman Huang Kuo-chang shows a chart during a news conference in Taipei yesterday during which the party alleged that the National Development Fund might have been used to help Chinese state-owned companies infiltrate Taiwanese businesses.  Photo: Liao Chen-huei, Taipei Times

owned companies infiltrate Taiwanese businesses, the New Power Party (NPP) said yesterday.

The National Development Council in June last year announced that it would invest NT$1.4 billion (US$46.2 million at the current exchange rate) in Taiwanese jeans manufacturer Roo Hsing Co to help the company improve its automated manufacturing system, NPP Hsinchu city councilor candidate Peng Sheng-shao (彭盛韶) told a news conference at the party’s caucus office in Taipei.

As the council confirmed, the investment was meant to enable Roo Hsing to acquire Chinese clothing manufacturer JD United Holdings, Peng said.

“Many have questioned the government’s decision and suspected that the merger was a reverse takeover that would allow the Chinese company to receive funding from the Taiwanese government,” he said.    [FULL  STORY]

Leave a Reply

Your email address will not be published. Required fields are marked *

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.