The Chinatrust Group (
China Development is to elect a new board of directors by the middle of next year.
"If China Development president Angelo Koo (辜仲瑩) [from Chinatrust Group] fails to uphold his promise [of raising the shareholding], government-appointed board directors will not support him in the next election," Lyu said when answering questions from Democratic Progressive Party (DPP) Legislator Lin Chung-mo (林重謨) at the legislature yesterday.
It was the first time the minister had clarified his stance on the matter since he took over the government post in January.
Koo, whose KGI Securities Co (
Chinatrust has recently come under pressure from lawmakers after it reportedly bought a stake of around 8 percent in state-run Mega Financial Holding Co (兆豐金控), approaching the 10 percent limit it is allowed to acquire while remaining reluctant to increase its shareholding in China Development.