The government should address disputes tied to the financial reform program launched under the previous administration to avoid hostile takeover bids, academics said yesterday.
Hwang Dar-yeh (黃達業), a professor of finance at National Taiwan University, said the Chinese Nationalist Party (KMT) government should force China Development Financial Holding Corp (中華開發金控) to give up its shares in Taiwan International Securities Corp (TISC, 金鼎證券) rather than watch the dispute from the sidelines.
“Despite the transfer of power last year, financial authorities should address the matter promptly,” Huang told a seminar on financial reform.
“The new government cannot avoid dealing with the problems left behind by its predecessor,” Huang said.
Chang Ping-chao (張平沼), TISC chairman and head of the General Chamber of Commerce (全國商業總會), said law enforcement officers had indicted China Development Financial on insider trading and breach of trust, but the Financial Supervisory Commission has yet to address its hostile takeover bid for TISC after ordering a reshuffle of its top executives.
“The financial regulator should clearly state its position on the controversy. Otherwise, it will never end,” Chang said.
Norman Yin (殷乃平), a professor of finance and banking at National Chengchi University, said this and other disputes showed the nation needed corporate merger-and-acquisition regulations.
“As long as the rules of the game are not clear or insufficient, there will be more hostile takeover bids,” Yin said. “Financial authorities should not neglect the matter.”
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