Fri, Apr 20, 2012 - Page 12 News List

Committee to pick new operator for welfare lottery

By Amy Su  /  Staff reporter

The Ministry of Finance is to establish a committee later this month to select a new financial institution to take over from Chinatrust Commercial Bank (中國信託商業銀行) as the nation’s exclusive Public Welfare Lottery manager from January 2014, a ministry official said yesterday.

Currently, Taishin International Bank (台新銀行), Taipei Fubon Bank (台北富邦銀行) and Chinatrust have shown an interest in bidding, the ministry said.

“Chinatrust’s seven-year contract [with the government] to manage the lotteries will expire at the end of next year,” National Treasury Agency Deputy -Director-General Chen Hsueh-hsiang (陳雪香) told a media briefing.

The ministry is ready to set up a committee to pick a new operator, Chen said, adding that the committee would comprise government officials, representatives of private groups and academics.

In 2005, Chinatrust outbid three rivals by offering NT$14.61 billion (US$495.47 million) in cash rewards over seven years, replacing Taipei Fubon Bank (台北富邦銀行) as manager of the lottery.

However, the amount of cash rewards will not be the only criteria considered by the committee, Chen said.

The ability to maintain stable, harmonious relationships with lottery distributors and raise employment for vulnerable groups will also be assessed during the selection process, Chen said.

The ministry said it would announce its selection criteria details by early June, with the committee choosing an operator by the end of the year.

However, the ministry has not yet decided how many years the new contract would run, Chen added.

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