The National Women’s League as of the end of last year had about NT$37.94 billion (US$1.24 billion at the current exchange rate) in savings and more than 13.7 million shares of Taiwan Cement Corp, the Ill-Gotten Party Assets Settlement Committee said, citing the league’s asset declaration.
The league’s stake in Taiwan Cement is worth at least NT$570 million, based on yesterday’s closing price of NT$43.
The savings are deposited into 16 accounts spread across Land Bank of Taiwan, Bank of Taiwan and CTBC Bank, the declaration showed.
The largest is a NT$30.28994 billion account at the Land Bank of Taiwan’s Heping branch in Taipei, it showed.
The league in February was deemed by the committee to be affiliated with the Chinese Nationalist Party (KMT), and at the end of last month declared its assets for the first time in accordance with the Act Governing the Settlement of Ill-gotten Properties by Political Parties and Their Affiliate Organizations (政黨及其附隨組織不當取得財產處理條例).
The league only owns shares of Taiwan Cement and did not invest in any other listed companies, the committee said.
Since purchasing 500,000 shares of Taiwan Cement for more than NT$5 million in November 2002, the league had purchased shares of the company every year until 2015, a total of 94 transactions, it said.
Taiwan Cement in 2001 was poorly managed and its gross margin set a then-record low of 2.1 percent, an unnamed committee member said, adding that the following year, the league had the “unique vision” to purchase a stake in the firm and continued to do so for 13 consecutive years.
For nearly 10 years, the league donated NT$230 million to foundations set up by the Koo (辜) family, which has an interest in the firm, but while the committee was investigating the case, the league destroyed its earlier financial records, the source said.
The committee suspects that the records were related to the league’s funds that were funneled into Taiwan Cement, the source added.
The committee also found that the league and its branches own 11 properties nationwide.
The league’s Taipei branch office, which was purchased in 1972 for more than NT$11 million, is now worth more than NT$100 million, the committee said.
The league’s branches nationwide have a combined savings of more than NT$71.46 million, with the league’s Taipei branch having the most at NT$71.3 million, the declaration showed.
The league also has NT$510,000 in cash and foreign currencies, two paintings by artist Au Ho-nien (歐豪年) and 187g of gold, the committee said.
The committee said it is to clarify whether the assets under the league’s name are “ill-gotten,” using the declaration and other evidence.
Trips for more than 100,000 international and domestic air travelers could be disrupted as China launches a military exercise around Taiwan today, Taiwan’s Civil Aviation Administration (CAA) said yesterday. The exercise could affect nearly 900 flights scheduled to enter the Taipei Flight Information Region (FIR) during the exercise window, it added. A notice issued by the Chinese Civil Aviation Administration showed there would be seven temporary zones around the Taiwan Strait which would be used for live-fire exercises, lasting from 8am to 6pm today. All aircraft are prohibited from entering during exercise, it says. Taipei FIR has 14 international air routes and
The Ministry of National Defense (MND) today released images of the military tracking China’s People's Liberation Army (PLA) movements during the latest round of Chinese drills around Taiwan. The PLA began "Justice Mission 2025" drills today, carrying out live-fire drills, simulated strikes on land and maritime targets, and exercises to blockade the nation's main ports. The exercises are to continue tomorrow, with the PLA announcing sea and air space restrictions for five zones around Taiwan for 10 hours starting from 8:30am. The ministry today released images showing a Chinese J-16 fighter jet tracked by a F-16V Block 20 jet and the
Taiwan lacks effective and cost-efficient armaments to intercept rockets, making the planned “T-Dome” interception system necessary, two experts said on Tuesday. The concerns were raised after China’s military fired two waves of rockets during live-fire drills around Taiwan on Tuesday, part of two-day exercises code-named “Justice Mission 2025.” The first wave involved 17 rockets launched at 9am from Pingtan in China’s Fujian Province, according to Lieutenant General Hsieh Jih-sheng (謝日升) of the Office of the Deputy Chief of the General Staff for Intelligence at the Ministry of National Defense. Those rockets landed 70 nautical miles (129.6km) northeast of Keelung without flying over Taiwan,
City buses in Taipei and New Taipei City, as well as the Taipei MRT, would on Saturday begin accepting QR code payments from five electronic payment providers, the Taipei Department of Transportation said yesterday. The new option would allow passengers to use the “transportation QR code” feature from EasyWallet, iPass Money, iCash Pay, Jkopay or PXPay Plus. Passengers should open their preferred electronic payment app, select the “transportation code” — not the regular payment code — unlock it, and scan the code at ticket readers or gates, General Planning Division Director-General Liu Kuo-chu (劉國著) said. People should move through the
RSS