The Ministry of Transportation and Communications wants to know why the former head of the China Aviation Development Foundation invested NT$200 million of the foundation's money into two mutual funds controlled by the KMT. \nOfficials say KMT heavyweight Hsu Li-teh (徐立德) last year improperly invested in funds operated by Grand Cathay Securities (大華證券) and Fuh Hwa Securities Finance Corp (復華證券). \nHe did so without the knowledge of other board members, foundation officials said. \nThe investment only came to light in August, after the foundation's new management board presented a review of its financial records to the ministry. \nIn March, the funds were redeemed without explanation. The timing of the sale has led some to believe that the money was used to support the KMT's presidential campaign, not provide China Airlines with cash. \nThe foundation said the investment did not follow proper procedure and the timing, in a month when parties were spending millions on campaigns to get their candidate elected, was "very questionable." \nIn addition, the unloading of the funds in March when the market was not performing well resulted in a loss of roughly NT$50 million. \nThe ministry says that not only was the investment not authorized, the money was placed in a bond fund -- a category of investment off limits to foundations such as the China Aviation Development Foundation. \nHsu, former vice premier under the KMT government and former head of the party's powerful finance committee, said investing in bond funds was in compliance with the law. \n"It's a foundation, and foundations are allowed to invest in bond funds," Hsu said. "I was head of the foundation, and if I couldn't make investments, then who could? It was all legal," he said. \nThe ministry has asked the foundation to prepare a report on the NT$200 million investment. Depending on what is uncovered, it may hand the case over to the Ministry of Justice.
HONG KONG SECURITY: The president blasted regulations requiring Taiwanese agents or political organizations to provide information on their Hong Kong-related activities President Tsai Ing-wen (蔡英文) yesterday warned of countermeasures should controversial Chinese national security legislation imposed on Hong Kong undermine or harm Taiwanese interests. Article 43 of the legislation empowers the Hong Kong Special Administrative Region to serve written notices to Taiwanese political organizations or individual agents to furnish information on their Hong Kong-related activities, including their personal particulars, finances, assets, expenditure and capital in the territory. Failure to comply or providing false or incomplete information can result in a fine of HK$100,000 (US$12,903) or imprisonment of six months or two years respectively. Tsai said that Taiwan would keep a close watch on how
PROBE LAUNCHED: An officer who served as a supervisor in the drill died in an apparent suicide after the accident, which was caused by unexpected waves Two marines who were on Friday injured in a military exercise in the waters off Kaohsiung passed away yesterday, Navy Command said. The marines — surnamed Tsai (蔡), 26, and a sergeant surnamed Chen (陳), 36 — were in a seven-member Marine Corps team that encountered rough seas during a simulated response to enemy forces landing on Taiwan. Their rubber craft overturned in waters off Taoziyuan (桃子園) beach in Zuoying District (左營), injuring four of the marines. They were rushed to hospital, where three of them — Tsai, Chen and a 34-year-old sergeant — were taken to an intensive care unit
MORAL COURAGE: The Ministry of Foreign Affairs urged the global community to face China’s intention to subdue Taiwan and reject such irrational requests The Ministry of Foreign Affairs yesterday strongly condemned the Chinese government for meddling with US officials’ interactions with Taiwan after FBI Director Christopher Wray revealed China’s efforts to discourage US officials from visiting Taiwan. The greatest long-term threat to the US’ information security and intellectual property, as well as its economic vitality, is China’s counterintelligence and economic espionage operations, Wray told a video event at the Hudson Institute in Washington. Beijing is engaged in a highly sophisticated and maligning foreign influence campaign, with methods that include bribery, blackmail and covert deals, he said. Giving an example, Wray said that when a US official
‘SIGNAL TO ALLIES’: The US Navy’s exercises are not in response to those carried out by China, the commander of the strike group led by the USS ‘Ronald Reagan’ said Two US aircraft carriers were yesterday conducting exercises in the disputed South China Sea, the US Navy said as China also carried out military drills that have been criticized by the US Department of Defense and neighboring states. China and the US have accused each other of stoking tension in the waterway at a time of strained relations over everything from COVID-19 to trade to Hong Kong. The USS Nimitz and USS Ronald Reagan were carrying out operations and exercises in the South China Sea “to support a free and open Indo-Pacific,” the navy said in a statement. It did not say exactly