Sat, Dec 24, 2011 - Page 3 News List

2012 ELECTIONS: Minister questions role the NDF played on Yu Chang board

By Amy Su  /  Staff Reporter

Council for Economic Planning and Development (CEPD) Minister Christina Liu (劉憶如) yesterday questioned whether the National Development Fund (NDF) had played a proper role in the board of Yu Chang Biologics Co, now known as TaiMed Biologics Co, after it invested in the company in 2007, raising concerns that taxpayers’ money was not fully protected.

This was the first of two questions posed by Liu last night about whether the fund was properly managed.

Liu, who is currently the convener of the fund, said on Friday last week that she would give a series of written questions about the Yu Chang case to Democratic Progressive Party (DPP) presidential candidate Tsai Ing-wen (蔡英文), who was the vice premier in 2007 and approved the investment, and to then-CEPD minister Ho Mei-yueh (何美玥), who was also in charge of the fund.

Liu added that the questions would be sent to Tsai and Ho by Monday.

“Why did the NDF give up its own rights in the Yu Chang’s case?” was the first question raised by Liu in the statement, adding that the fund, which held 40 percent of Yu Chang’s shares, should have had four seats on the company’s eight-seat board.

However, the fund only obtained two seats, including one board director and one supervisor, after a meeting of Yu Chang’s key stakeholders that was held by Tsai on Sept. 3, 2007. The company elected four board directors and one supervisor during the meeting, according to the statement.

“The fund did not hold board seats in proportion to its shareholding,” Liu said.

In the afternoon of the same day, Yu Chang held a board meeting to elect Tsai as the company’s chairperson, indicating that the legitimacy of the election was questionable, Liu said.

Liu’s second question was why the name “TaiMed Inc” has been repeatedly used for other companies, including Yu Chang, TaiMed and TaiMed Biotech Fund.

“The Chinese and English names of these firms kept changing and changing. What are the links between them? Why are they so complicated?” the minister said.

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