On July 4, 2008, Chinese Nationalist Party (KMT) Chairman Wu Den-yih (吳敦義), who was then KMT secretary-general, expressed concern about former president Ma Ying-jeou’s (馬英九) decision to undersell then-KMT-owned Central Motion Picture Corp (CMPC, 中影) in 2006, saying that it would give the party “demonic trials.”
The Taipei District Prosecutors’ Office on Tuesday indicted Ma for breaching the Securities and Exchange Act (證券交易法) in his handling of the sale of KMT assets.
During his time as KMT chairman, Ma authorized the sale of the company at a price significantly below market value.
“This is apparently a case in which control of the goods has been lost before the money was even been paid. It clearly goes against the basic principles of sales,” the indictment quoted Wu as writing in a report submitted to Ma.
“The return rate [of the sale] will surely put the KMT to all kinds of demonic trials in three years,” he was quoted as writing.
The company’s Taipei assets included the Chinese Culture and Movie Center in Shilin District (士林), the New World Building in Ximending (西門町) and the Hua Hsia Building on Bade Road.
While the three properties were valued at NT$3.6 billion (US$118.1 million at the current exchange rate), NT$1.65 billion and NT$2 billion respectively, the party reported their value at NT$2.8 billion, NT$1.4 billion and NT$2 billion and sold them for NT$2.6 billion, NT$1.2 billion and NT$1.5 billion, prosecutors said.
In August 2005, CMPC had the copyrights for more than 330 movies and TV shows that it had produced or coproduced, valued at NT$1.4 billion, but their value was never assessed when the firm was sold, they said.
The party’s underselling of the company caused the firm to lose NT$1.82 billion, they added.
At the time of the sale, CMPC was the biggest and only vertically integrated movie company in the nation.
FATAL FIRE: The health department is trying to contact the inspector who visited the site of the illegal nursing home to ask why they did not advise follow-up checks The Taipei City Government yesterday said that a health department inspector last year had visited the site of a long-term care facility in Neihu District (內湖) after receiving a report questioning its status. A fire broke out at the facility on Tuesday afternoon, killing three people. The Taipei Fire Department said that it received a report about a fire on the first floor of a four-story residential building on Kangning Road Sec. 1 at 2:38pm on Tuesday, firefighters arrived at 2:43pm and the fire was put out by 3:07pm. The firefighters found three men in beds and rushed them to hospital for
Taipei City Councilor Wang Hao (王浩) of the Chinese Nationalist Party (KMT) on Monday called for security improvements to the MRT, as fare evasion has increased more than 13-fold on the metropolitan railway system over the past five years. Taipei Mayor Ko Wen-je (柯文哲) has spoken out against fare evasion and other contraventions of MRT regulations, but since he took office in 2015 the number of contraventions has more than doubled, Wang said, adding that there were 537 cases in 2015 compared with 959 last year. A video was posted to YouTube in June showing people how to evade paying a fare,
FEELING MISUNDERSTOOD: Media speculation has fueled confusion about the KMT’s reasons for skipping a Chinese forum and delaying an AIT meeting, party sources said The Chinese Nationalist Party (KMT) on Sunday said that it is not seeking to improve relations with the US or China at the expense of the other, and that its relations with the countries would be topic-based. The party has faced questions over its foreign policy after it on Monday last week announced its withdrawal from the annual Straits Forum and delayed planned talks with the American Institute in Taiwan (AIT). The party has also taken a tough stance on the importation of US meat containing ractopamine, while also lambasting China for increasing its military activity in and around the Taiwan Strait. Following
Yuchi Township (魚池) fishers have appealed to the Nantou County Government for help in dealing with an invasive fish species in Sun Moon Lake (日月潭), where it has devastated the local ecosystem. Fishers at Sun Moon Lake have been using electrofishing in an attempt to eliminate the giant snakehead fish — found in Africa and Southeast Asia — but they have struggled to keep up with the growing population of the species, which breeds during September and October, the county government said on Monday. The county has contacted researchers at National Tsing Hua University, saying it hoped they could come up