A group of lawyers and civic groups yesterday said that if the “cronyism in the finance sector and judiciary” that began under the Chinese Nationalist Party (KMT) persists, young people — who are facing the concentration of capital, impoverishment and a low birth rate — risk becoming a “crumbled generation.”
Lawyer Fan Jen-yu (樊仁裕) said that the finance sector has hired people from the former administration to be their “door gods.”
For example, Hsueh Hsiang-chuan (薛香川) has been the vice chairman of CTBC Financial Holding (中信金控) since resigning as Executive Yuan secretary-general during former president Ma Ying-jeou’s (馬英九) first term in 2009, former Mega Financial Holding Co chairman Mckinney Tsai (蔡友才), who resigned in April, became one of Cathay Financial Holding Co’s board of directors (until he resigned on Aug. 23), Catherine Lee (李紀珠), the chairperson of state-run Taiwan Financial Holdings until the end of last month, was formerly the president of Shin Kong Financial Holding Co, Fan said.
He also called on Tsai’s administration to hold former Mega Financial Holding Co chairman Shiu Kuang-si (徐光曦) — who resigned on Thursday — accountable for breaches of US money laundering rules rather than “keeping him at large because he is central bank Governor Perng Fai-nan’s (彭淮南) sister-in-law’s husband.”
The composition of the Committee of Illegal Party Asset Settlement, Tsai’s grand justice picks and the members of the Executive Yuan’s monitoring taskforce overlooking the Mega Bank incident are all in one way or another related to a particular law firm and the Judicial Reform Foundation, Fan said.
Northern Taiwan Society Chairman Chang Yeh-sen (張葉森) said that there have been a string of financial malpractice cases but the government has not demonstrated “resolve” in dealing with them.
National Taiwan University professor of law Chen Chih-lung (陳志龍) said economic crimes and serious corruption are rarely prosecuted, making Taiwan a “haven for economic crimes.”
Wang Yi-kai (王奕凱), who was an active participant in the Sunflower movement protests, said the economy has fallen into the hands of “crony capitalists... to the extent that, according to The Economist, Taiwan is even worse than China in this respect.”
“Taiwan is also relying far too much on an ‘insubstantial economy’ that puts too much emphasis on land speculation and financial exchange and is a breeding ground for political nepotism,” he said, calling on the government to support startups by providing information on the needs of the global economy and promoting value-added production.
COSTLY TECH FAILURE: More than 25,000 files for nearly 8,000 students from 81 schools were lost when system administrators updated a server, the Ministry of Education said The academic records of 7,854 high-school students have been lost due to a hard-drive failure, the Ministry of Education said yesterday. The records were being stored at National Chi Nan University, which was commissioned by the ministry’s K-12 Education Administration to host a computer server of student portfolios that universities could access to evaluate their applications. Under a program introduced in 2019 for high-school students starting that year, students are to create portfolios to be used for university applications, which include their grades, extracurricular activities and other information related to their character and achievements. System administrators discovered that files were missing when rebooting
921 EARTHQUAKE: The magnitude 7.3 quake left 2,456 people dead and 10,718 injured, while 53,661 houses were fully destroyed and 53,024 houses damaged The Central Weather Bureau yesterday received about 50,000 views on Facebook after it posted the data that it collected on Sept. 21, 1999, when the nation was devastated by a magnitude 7.3 earthquake. The data showed that the 921 Earthquake hit the nation at 1:47am, with the epicenter being 7km southwest of the bureau’s quake detection center in Nantou County’s Yuchi Township (魚池) at a depth of 8km. The quake left 2,456 people dead and 10,718 injured, while 53,661 houses were fully destroyed and 53,024 houses damaged, with the cost of the damage estimated at NT$300 billion (US$10.8 billion at the current
British newspaper The Mail on Sunday reported that Prince Charles met with Bruno Wang (汪家興), a Taiwanese fugitive who describes himself as a Chinese philanthropist and donated ￡500,000 (US$683,522) to the prince’s charity, the Prince’s Foundation. The newspaper reported that Wang is wanted in Taiwan on charges related to money laundering and being a fugitive from justice, allegations he denies, and drew comparisons between Wang and the Russian banker Dmitry Leus. Investigation and cooperation with foreign authorities have found that Bruno Wang’s father, Andrew Wang (汪傳浦), had stashed proceeds from a scandal involving the procurement of Lafayette frigates in 61 bank accounts,
Taiwan is to begin administering the Pfizer-BioNTech (BNT) COVID-19 vaccine to high-school students on Wednesday, and the Central Epidemic Command Center (CECC) has advised that strenuous exercise be avoided for two weeks after innoculation. Recipients should watch for symptoms of myocarditis and pericarditis — inflammation of the heart muscle and outer lining of the heart respectively — within 28 days of the BNT vaccination, Minister of Health and Welfare Chen Shih-chung (陳時中), who heads the center, said on Sunday. Symptoms include pain, pressure or tightness in the chest, shortness of breath, feelings of having a fast-beating, fluttering, or pounding heart, fainting and
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