Government avoids Waterland dispute

Minister of Finance Lin Chuan (林全) yesterday reaffirmed the government's neutral position in the management dispute at Waterland Financial Holding Co (國票金控). Rebel shareholders are seeking to oust the current management ahead of a general meeting next month.

"We will not intervene in the competition among the three parties in soliciting the proxy votes," Lin said, adding that the ministry, which controls a stake of nearly 13 percent in the company, would select the board of directors on the merits of each candidate, without regard for their political affiliation.

Lin made the remark after a local Chinese-language newspaper yesterday reported that Waterland chairman Walter Lin (林華德) had met with Lin Chuan on Thursday to seek the government's support in the management dispute.

The newspaper quoted Walter Lin as saying that he would respect the ministry's decision, whether it decided to keep him on or remove him from the chairman's seat, but that he hoped the ministry would leave the rest of the current management team intact.

Waterland's current management team is facing strong challenges from two groups of rebel shareholders led by Taiwan Financial Asset Services Corp (台灣金服公司) chairman Hung San-hsiung (洪三雄) and the Nice Group (耐斯).