After a four-month-long family squabble, the board of Shinkong Synthetic Fibers Corp (新光人纖), a polyester subsidiary under the Shinkong Group (新光集團), yesterday finally elected Eric Wu (吳東昇) as chairman.
"The chairmanship will be officially transferred to Eric Wu [from his elder brother Thomas Wu (吳東亮)] in the next few days," said Alex Tsai (蔡欽源), an attorney who represents Eric Wu.
While the company's chairmanship battle has ended, feuding has continued over the polyester subsidiary's board. A reshuffle failed on Monday after Thomas Wu refused to relinquish his proxy votes to his younger brother, as previously agreed. Eric Wu put the blame on Thomas Wu in a written statement yesterday.
"To respect our agreement, I had previously relinquished my proxy votes [at Taishin Financial Holding Co (台新金控), which Thomas Wu chairs] to my elder brother. But, he failed to relinquish his [proxy votes at the fiber maker] to me in return," the statement read.
According to Tsai, Thomas Wu claims he controls over 39 percent of the fiber company and, therefore, aims to take up four of the seven board seats.
But Eric Wu insisted in holding a majority on the board after Thomas Wu agreed to throw his full support behind his chairmanship, Tsai said.
Out of the 39 percent stake that Thomas Wu claims he owns, at least 27 percent belongs to the family instead of Wu himself, Tsai said.
The disagreement is expected to rekindle another boardroom fight between the two brothers in June when the incumbent board's tenure ends.
HORMUZ ISSUE: The US president said he expected crude prices to drop at the end of the war, which he called a ‘minor excursion’ that could continue ‘for a little while’ The United Arab Emirates (UAE) and Kuwait started reducing oil production, as the near-closure of the crucial Strait of Hormuz ripples through energy markets and affects global supply. Abu Dhabi National Oil Co (ADNOC) is “managing offshore production levels to address storage requirements,” the company said in a statement, without giving details. Kuwait Petroleum Corp said it was lowering production at its oil fields and refineries after “Iranian threats against safe passage of ships through the Strait of Hormuz.” The war in the Middle East has all but closed Hormuz, the narrow waterway linking the Persian Gulf to the open seas,
Nanya Technology Corp (南亞科技) yesterday said the DRAM supply crunch could extend through 2028, as the artificial intelligence (AI) boom has led the world’s major memory makers to dramatically reduce production of standard DRAM and allocate a significant portion of their capacity for high-bandwidth memory (HBM) chips. The most severe supply constraints would stretch to the first half of next year due to “very limited” increases in new DRAM capacity worldwide, Nanya Technology president Lee Pei-ing (李培瑛) told a news briefing. The company plans to increase monthly 12-inch wafer capacity to 20,000 in the first half of 2028 after a
Taiwan has enough crude oil reserves for more than 100 days and sufficient natural gas reserves for more than 11 days, both above the regulatory safety requirement, Minister of Economic Affairs Kung Ming-hsin (龔明鑫) said yesterday, adding that the government would prioritize domestic price stability as conflicts in the Middle East continue. Overall, energy supply for this month is secure, and the government is continuing efforts to ensure sufficient supply for next month, Kung told reporters after meeting with representatives from business groups at the ministry in Taipei. The ministry has been holding daily cross-ministry meetings at the Executive Yuan to ensure
RATIONING: The proposal would give the Trump administration ample leverage to negotiate investments in the US as it decides how many chips to give each country US officials are debating a new regulatory framework for exporting artificial intelligence (AI) chips and are considering requiring foreign nations to invest in US AI data centers or security guarantees as a condition for granting exports of 200,000 chips or more, according to a document seen by Reuters. The rules are not yet final and could change. They would be the first attempt to regulate the flow of AI chips to US allies and partners since US President Donald Trump’s administration said it rescinded its predecessor’s so-called AI diffusion rules. Those rules sought to keep a significant amount of AI
RSS