The Financial Supervisory Commission (FSC) yesterday said it is investigating the possibility of illegal Chinese investments in Taiwan’s Brogent Technologies Inc (智崴資訊) by disguising the source of the funds.
Chinese investors established a Hong Kong company and set up a branch in Taiwan, which began purchasing Brogent shares in August last year, the Chinese-language Liberty Times (the Taipei Times’ sister newspaper) reported yesterday.
Those investors have held a 3.5 percent stake in Brogent, the Liberty Times reported.
Although the local branch has registered working capital of only NT$1 million (US$32,409), it has acquired more than NT$300 million of Brogent shares, putting it among the top 10 stakeholders, the newspaper reported, citing unnamed sources.
Chinese nationals and companies must obtain government permission before investing in Taiwan, according to provisions of the Act Governing Relations Between the People of the Taiwan Area and the Mainland Area (台灣地區與大陸地區人民關係條例).
“We received a tip-off about dubious purchases of Brogent’s shares, but we cannot disclose whether there are Chinese investors who tried to dodge the regulatory review system, as we have not completed our investigation,” Securities and Futures Bureau Deputy Director-General Tsai Li-ling (蔡麗玲) told the Taipei Times by telephone.
The bureau is investigating the custodian banks that helped the foreign company wire money to Taiwan and would look into those who helped the firm buy Brogent’s shares, Tsai said, adding that the commission would investigate Brogent if necessary.
However, Brogent, a manufacturer of theme park rides, yesterday denied the Liberty Times report, saying that it has received no funds from Chinese investors.
The Kaohsiung-based company said all of its clients were theme parks or entertainment business operators, dismissing the Liberty Times report, which said the company is capable of developing submarine simulators.
The Ministry of Economic Affairs said the Investment Commission would also look into the case.
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