Fri, Jan 04, 2013 - Page 1 News List

Ruling spotlights KMT’s hold on assets

WEALTHY PARTY:Despite Ma’s promises to liquidate all of the KMT’s holdings, the party continues to lay claim to substantial assets through questionable contracts

By Wang Yu-chung and Jake Chung  /  Staff reporter, with staff writer

It sued Lor, Chuang and, as collateral, all the guarantors, for NT$2.5 billion in damages and an additional NT$140 million in delayed payment interest.

The administrative responsibilities of the Central Investment Holding Co had been divided in 2010, its spin-off company, Hsinyutai, stepped in and assumed all its powers in the law suit against Lor and Chuang.

However, the Taipei District court ruled that the CMPC itself had not signed the contract to sell the Bade Building and the other properties within three years, and according to the contract, the plaintiff can maintain that the defendant should, as soon as possible, purchase the Bade building at the lowest price, making it a priority purchase.

The defendant’s obligation to do so “does not have fixed time limit in which the action should be completed,” the court ruling said, with the judge ruling that Hsinyutai does not as yet have the right to petition for damages and ruling against it.

Additional reporting by Chang Wen-chuan

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