The Taipei District Court has appointed three temporary managers to take over Taiwan International Securities Corp (金鼎證券), marking the first-ever government takeover of a securities business.
The court said on Tuesday it made the decision based on the Company Act (公司法), after the securities company plunged into a power struggle between two factions of its majority shareholders, who both claimed victory in elections for board members and supervisors at the annual general meeting in June last year.
One faction was led by the Koo family, who run China Development Financial Holding Corp (中華開發金控), and the other was supported by the chief executive of Taiwan International Securities Group (金鼎集團), Chang Ping-chao (張平沼).
Because of the election dispute, the Department of Commerce declined to accept the list of newly elected board members and supervisors presented by Chang’s faction.
Meanwhile, China Development Financial filed a petition with the court asking for an injunction prohibiting Chang’s group from running the securities firm.
The district court said management disputes have disrupted the securities firm’s day-to-day operations.
And even worse, as the firm is a listed company, the disputes have also affected market order, the court added.
The takeover petition was initiated by a prosecutor at the Taipei District Prosecutors’ Office under the Company Act, which stipulates that if a company’s board members and supervisors fail or are unable to exercise power to the extent that they pose a threat to the company, the court may appoint one or more temporary managers to take over operations.
The three temporary managers include Chu Jaw-chyuan (朱兆銓), a former chairman of the Securities and Futures Investor Protection Center.
Apart from the temporary manager appointments, the court has also issued an injunction prohibiting Chang’s son from exercising power as the company chairman.
Taiwan International Securities declined to comment on the ruling until it receives a written decision, but said it would respect the court’s ruling.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy