Sat, Jan 24, 2015 - Page 13 News List

Ting Hsin prepares NT$3bn for food safety fund

By Amy Su and Lauly Li  /  Staff reporters

Ting Hsin International Group (頂新國際集團) yesterday said that it had remitted NT$3 billion (US$95.77 million) from overseas assets to a special account in Taishin International Bank (台新銀行) to create the food safety fund it previously promised to set up in the aftermath of food scares last year.

Ting Hsin, known for its flagship food brand Wei Chuan (味全) in Taiwan and instant noodle brand Master Kong (康師傅) in China, was implicated in a spate of food scares last year involving adulterated cooking oil, sparking a public outcry and a boycott of the business group.

The group said in a statement that the NT$3 billion was raised by an overseas company held by the Wei (魏) family, who founded and owns Ting Hsin. The statement did not specify which overseas unit.

The group said its chairman, Wei Ying-chiao (魏應交), had already informed Ruentex Group (潤泰集團) chairman Samuel Yin (尹衍樑), who agreed in October last year to help Ting Hsin lead a food safety committee in charge of administrating the fund and help revive public confidence in Ting Hsin.

Separately, the Ministry of Economic Affairs’ Investment Commission yesterday said it had sent supplementary documents submitted by Ting Hsin and Malaysia-based IOI Properties Group Bhd subsidiary Strategy Assets for the sale of a 37.17 percent stake in Taipei Financial Center Corp (TFCC, 台北金融大樓), the firm that operates Taipei 101, to relevant government agencies for preliminary review.

The commission said government agencies usually take 10 business days to complete background investigations.

However, as the public is paying extra attention to the TFCC share sale, it might take two months for the investigation to clear up all concerns.

The commission said the National Security Bureau, the Ministry of Foreign Affairs and the Mainland Affairs Council would investigate Strategy Assets’ shareholder structure and other investment details.

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