The Ministry of Finance yesterday urged Ting Hsin International Group (頂新國際集團) to liquidate its shares in Taipei Financial Center Corp (TFCC, 台北金融大樓公司), one day after successfully pressuring the food manufacturer to surrender management rights at the firm that operates Taipei 101.
“We hope Ting Hsin will sell its shares in TFCC to meet the wishes of the public in the wake of the tainted cooking oil scandal,” Minister of Finance Chang Sheng-ford (張盛和) told a meeting of the legislature’s Finance Committee in Taipei.
On Tuesday, the conglomerate’s chairman Wei Ying-chiao (魏應交) resigned from his posts as TFCC vice chairman and president, but retained the firm’s seats on the board on the back of the group’s 37.17 percent stake in the company.
Photo: Chen Chih-chu, Taipei Times
Angry consumers have pressed Ting Hsin to exit the company that runs the landmark skyscraper and the local market altogether, after its affiliated companies were suspected of adulterating cooking oil for years to cut costs.
The ministry intends to raise its stake in TFCC to more than 50 percent, from 44 percent, giving it majority control over policymaking decisions, Chang said.
While Ting Hsin has the freedom to plan its own asset allocations, the ministry can exert influence through tax inspections and credit controls, Chang said.
The ministry owns significant stakes in eight lenders and has scheduled a meeting for tomorrow to review Ting Hsin’s credit profile, the minister said.
The group owes NT$48 billion (US$1.58 billion) in outstanding loans to local banks that have agreed in principle to honor existing loans, but not to approve new loans.
The group has canceled loan applications to finance the acquisition of a cable TV operator, China Network Systems Co (中嘉網路), as well as a land development project in New Taipei City’s Sanchong District (三重), the lenders said.
State-run banks can buy the shares owned by Ting Hsin if it is willing to sell, Chang said, adding that it would be difficult to deny the conglomerate seats on the board otherwise.
The Changhua County-based group may rake in a hefty profit from selling its TFCC shares that it purchased five years ago at NT$13 per share as the price has risen to NT$42, local media reported.
Financial Supervisory Commission Chairman William Tseng (曾銘宗) voiced reservations about the harsh credit control measures aimed at Ting Hsin over concern the move may destroy both the company and the stability of the financial sector.
Tseng said he helped talk Wei into giving up his positions at TFCC on Tuesday after Wei initially refused to resign.
“I suggested he resign as fast as possible given the public anger about Ting Hsin,” Tseng said, adding that the government could have ousted him through a vote if necessary.
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