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Shieh urges China Times boss to come clean on deal

Cabinet Spokesman Shieh Jhy-wey (謝志偉) yesterday urged China Times Group president Albert Yu (余建新) to give a clear account of his procurement of three media outlets that were once owned by the Chinese Nationalist Party (KMT), saying he suspected Yu has been gagged from telling the truth.

Hsieh's call followed Broadcasting Corp of China (BCC) chairman Jaw Shaw-kong's (趙少康) announcement last Wednesday that he would terminate his contract with Hua Hsia Investment Holding Co over the purchase of BCC.

Jaw said he had made the decision because of what he called "relentless persecution" by the government.

Shieh, who also doubles as the Government Information Office minister, said the government can prove that Yu did not disclose the full details of his purchase of the three companies -- the BCC, China Television Co and Central Motion Picture Corp.

The KMT sold the BCC to China Times Group subsidiary Jungli Investment Co in 2005 for what was reported to be NT$9.3 billion (US$281.6 million).

Jaw then bought the BCC shares from Hua Hsia Investment Holding Co, a subsidiary of Jungli.

However, Shieh said Yu claims that he had only paid NT$890 million for the three-in-one package.

But the seller, the KMT-owned Central Investment Holding Co, has claimed that it had to pay NT$45 million in transaction taxes after selling the three outlets.

"According to tax calculations, NT$45 million in tax means the full payment was at least NT$15 billion" Shieh said.

"So my question is, what happened to the rest of the money? Why is Yu telling the public that he paid a much lower price than the actual price? Has he been threatened to conceal the truth?" Shieh said.

Shieh said Yu was either a victim of a KMT scam or an accomplice in a KMT ploy to offload stolen assets that were obtained during the Martial Law era.

"Please come out of hiding and start telling the truth," Shieh said.

"Concealing the truth will only damage the country, the public and your own employees who are the biggest victims in this scam,"the Cabinet spokesman said.
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