Speculation over a financial crisis inside the Chinese Nationalist Party grew after the party told employees that this month's salaries would not be paid on time, Chinese-language media reported yesterday.
A Chinese-language evening newspaper said that the KMT was seeking to raise funds from party members to see itself through a lean period.
Kao Chin-yen (
It is customary for the KMT to pay its employees on the first day of the month, but the April salary was delayed. It's the second time the KMT has delayed salaries since it lost power in 2000.
"This is because we spent a lot of money on election campaigning in March and that has affected the management of the party's funds," KMT Administration and Management Committee Director-General Chang Che-shen (
He added that the party was planning to urge its supporters to provide donations.
"On average the KMT has to pay NT$150 million to its employees a month, and if we also count in the retirement pension for the retired employees, then we need at least NT$200 million a month to straighten out everything," Chang was quoted as saying.
Chang said that KMT's main income was from its membership fee, which is NT$500 a person per year. Chang said, however, that the party never gathered the fee in full.
"Income generated from donations is not much due to the impression that the KMT is rich," Chang was quoted as saying.
KMT officials said that the employees will be paid their salary in full tomorrow.
According to the evening paper, the KMT only managed to raise between NT$300 million to NT$400 million for the presidential election, with the party covering its costs by selling shares and party assets.
The KMT is now facing huge debts in the wake of the election, the evening paper said.
"To deal with the financial crisis, we have to investigate the feasibility of layoffs again, and find new sources for income at the same time," Chang was quoted as saying.
In 2000, financial magazine Wealth Monthly estimated the KMT's assets as standing at US$17 billion.
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