The Chinese Nationalist Party (KMT) confirmed yesterday it has been considering selling party-run media to the investment firm Sycamore Ventures, but denied the family of Singapore Prime Minister Lee Hsien Loong (
Local media reported that Temasek, Singapore's state investment agency, has expressed interest in buying KMT' media assets, including the Chinese Television Company (CTV) and the Broadcasting Corporation of China (BCC), through a partnership with Sycamore Ventures.
The reports indicated Lee and his wife Ho Ching (
The reports also indicated that the Democratic Progressive Party (DPP) government would not intervene in the KMT deal with Temasek because it wants to maintain a good relationship with Singapore.
While admitting the KMT would not rule out interested media investors from the US and Singapore, party spokesman Alex Tsai (
"Even though we have interested investors from the US and Singapore, [the media] should not politicize their roles in the deal to a certain family. There is no such a link," Tsai said.
"It is just a commercial deal," he said.
Chang Che-shen (
Eva Ho, director of corporate communications of Temasek, yesterday dismissed the reports as "market speculation."
"We have no comment on market speculation," Ho said, adding that she was unaware of any connection between Temasek and Sycamore Ventures.
Tsai also said that Sycamore Ventures, which enjoys the backing of the Citigroup network, became the KMT's favored investor because it offered the best price.
He declined to confirm if the party had agreed to sell CTV, BCC and its other media to Sycamore Ventures for NT$8 billion.
"We are still discussing which side should cover for the employees. It will take a long time to settle the issue. We haven't decided the price yet," Tsai said.
Tsai said that after the KMT and Sycamore Ventures reach a deal, the investment agency will explain to the public where the investment is coming from.
"What we can assure you is that there is no interference from China," he said.
Responding to Temasek's reported plan, Cabinet Spokesman Chen Chi-mei (陳其邁) said the Broadcasting and Television Law (廣電法) clearly states that foreign investors are banned from directly or indirectly investing in terrestrial TVs and radios.
"They [the KMT] are wrong in thinking they can bring in foreign investment through Sycamore Ventures," Chen said.
Tsai said the KMT has not engaged in illegal trading with foreign investors and warned that the DPP would set a bad example if it insists on political vendettas over the KMT's deal with Sycamore Ventures.
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