The China Post
Date: November 26, 2016
By: The China Post news staff

The Ill-gotten Party Assets Settlement Committee (IGPASC) on Friday officially resolved to nationalize two firms widely believed to be affiliates of the opposition Kuomintang (KMT).

The resolution, made in an extraordinary session held by the IGPASC, came some 45 days after the committee failed in its first public hearing to determine whether the Central Investment Corp. and Hsinyutai Co. are KMT-affiliated organizations.

At a press conference held after the session, IGPASC chairman Wellington Koo (顧立雄) said his committee would deliver the resolution document to the KMT next Tuesday, Nov. 29 at the latest and would ask the party to transfer all of its shares in the two companies to the government within 30 days after receiving the document.

“In other words, the KMT is required to nationalize all of its stakes in the firms on Dec. 29,” Koo said.

Over the KMT’s long period of one-party rule, the party dominated the distribution of national resources, thus easily translating national resources into party assets.    [FULL  STORY]