Party assets committee forfeits right to appeal ruling on transfer of properties

Taipei Times
Date: Jan 04, 2017
By: Chen Wei-han / Staff reporter

The Ill-gotten Party Assets Settlement Committee forfeited the right to appeal a court ruling that

Ill-gotten Party Assets Settlement Committee member Lien Li-jen, left, listens as committee spokeswoman Shih Chin-fang speaks at a news conference in Taipei yesterday. Photo: Liu Hsin-de, Taipei Times

suspended the committee’s order to transfer the properties of two holding companies to the state, saying the ruling acknowledges the affiliation of the two companies with the Chinese Nationalist Party (KMT).

The committee in November last year identified Central Investment Co (中央投資公司) and Hsinyutai Co (欣裕台股份有限公司) as KMT-affiliated organizations, ordering that their assets, valued at about NT$15.6 billion (US$483.8 million at the current exchange rate), should be transferred to the state, as they were founded with illegally obtained assets.

However, the Taipei High Administrative Court last month suspended the transfer, as it could cause irreparable damage to the KMT and the companies should they win a legal battle against the committee over the status of the two companies and the disposition of their assets.

The committee yesterday said it decided to give up its right to appeal, as the verdict validated the committee’s identification of the stakes the KMT holds in the two companies as ill-gotten assets, which would prevent them from being transferred or appropriated.    [FULL  STORY]

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