The KMT should have around NT$80 billion of assets to put into a trust, according to Liu Ta-bei (
This figure was arrived at several days after Vice President Lien Chan (連戰) called for the party to put its business empire in trust, in order to promote cleaner politics.
Liu Tai-ying (劉泰英), chairman of the KMT's business management committee, said he fully supported Lien's suggestion and has since started listing the party's assets in preparation for such a move.
As to exactly how to clean up the party's businesses and who will take them over, Liu said: "I am just a professional manager. I do not own the businesses of the party's investments. Only the chairman of the party can decide."
While KMT officials have said they hoped to put their businesses into trust by this August, Liu said he would urge that the passage of the Trust Enterprise Law be made as soon as possible.
The party's assets, according to Liu, comprise two parts: one is its real estate and movable property under the party's finance committee; and the other is the numerous investments under the seven holding companies managed by the party's business management committee.
KMT holding companies have invested in more than 300 companies, but only about 20 of them -- of which the KMT owns more than 51 percent of the shares -- will be entrusted to professional managers.
Problems may also arise as to whether a trust will be able to handle the assets of the giant party. One reason for this is some of the KMT's businesses are losing large amounts of money, such as the Central Daily News and the Chunghwa Daily News.
DPP leaders have responded to the KMT's plans by advocating that the KMT release to the public full details of its assets, adding that the party should be clear and open about its standards of trust and the amounts of money involved.
They also say its Central Standing Committee should make a formal resolution today to stop party business operations and transfer them to trust immediately.
DPP and other non-aligned legislators also requested that the KMT should clear and settle its assets, before placing them in trust.
They said they suspected some of the KMT's assets are state property that does not belong to the party.
Legislator Chen Cheng-sheng (
The KMT has been under considerable pressure from the opposition and the public to end its involvement in business ventures.
Lien's announcement on Sunday was seen by analysts as a vote-getter inthe lead-up to the presidential election next March, and critics have derided the move as being unrealistic given what they say is the party's long history of broken promises.
The KMT's four largest holding companies are the Central Investment Co, the Kwang Hua Investment Co, Central Motion Pictures and the Hua Hsia Investment Co. KMT-owned enterprises earned NT$68.3 billion in revenues in 1998, with NT$12.1 billion in profits.
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