Minister of Transportation and Communications Mao Chi-kuo (毛治國) said yesterday the government would not buy the Taiwan High Speed Rail Corp (THSRC) or help the company increase its capital, but would play a leading role in its management.
Mao told reporters during a visit to the Chinese Nationalist Party (KMT) caucus that THSRC’s shareholders had agreed to maintain the high speed rail system.
“We will keep the THSRC a private company. The government will not buy it nor will the government increase its holdings,” Mao said.
“The government owns some preferred stock ... the company’s board will be reorganized,” he said.
Mao met with the caucus to explain the government’s plan to intervene in THSRC’s management.
Premier Wu Den-yih (吳敦義) confirmed on Sunday that THSRC chairwoman Nita Ing (殷琪) planned to resign, but denied knowing the reason behind her resignation.
Wu told reporters yesterday that she had intended to step down for around six months, rebutting media speculation that the resignation was linked to the visit of exiled Tibetan spiritual leader the Dalai Lama earlier this month.
Despite a planned reorganization of the board, “the current executive team still needs to shoulder some responsibility to society and the nation,” Wu said, without elaborating.
The company planned to hold a provisional board meeting today.
The Chinese-language Liberty Times (the Taipei Times’ sister newspaper) reported on Sunday that the government planned for THSRC chief executive Ou Chin-der (歐晉德) to take over as chairman and quoted Ou as saying that he knew nothing about the reshuffle.
The company has paid-up capital of NT$105.3 billion (US$3.2 billion), but was reportedly NT$11 billion in the red last year, and its accumulated debts amount to NT$70.2 billion.
Mao said the government’s first priority was to help the company solve its financial problems, but had not agreed on how to handle the depreciation of the company.
“We believe the THSRC has the opportunity to generate more profit if it works harder to improve its transportation volume,” Mao said.
At a separate setting, KMT caucus chief deputy secretary-general Lin Hung-chih (林鴻池) urged the government to be more aggressive in its intervention in THSRC.
Also See: THSRC shares rise 47 percent
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