By: Matthew Strong, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – Beleaguered Ting Hsin International hung on to five seats Wednesday on the 13-member board of directors at the Taipei Financial Center Corporation, the company in charge of the iconic Taipei 101 building.
Ting Hsin, the group at the core of a wide-ranging food safety scandal which broke out last year, has a stake of 37.17 percent in TFCC but has so far been unsuccessful at trying to sell it.
United States private equity company Blackstone Group has been allowed to inspect TFCC’s financial books ahead of a potential bid, but the subject was not discussed at Wednesday’s meeting, Taipei 101 spokesman Michael Liu said.
The lineup on the new board is virtually the same as on its predecessor, with seven representatives of government-controlled institutions, one from CTBC Bank Co., Ltd. and five representing Ting Hsin, reports said. [FULL STORY]