Chung Shing Bank (中興銀行) shareholders pressed the government at a public hearing yesterday to take responsibility for the bank's net worth plunging deep into the red.
"After the government took over the bank's management one-and-a-half years ago, the bank's net worth has declined from some NT$7.61 billion [June 30, 2000] to negative NT$3.96 billion [Sept. 30, 2001]," shareholder Hsieh-Wang Shi-hung (
He also urged the government to clarify the bank's ratio of bad loans after rumors were circulating that the bank's bad loans were up to "NT$40 billion or NT$80 billion."
He said that shareholders have been kept in the dark about the government's management following the takeover. Chung Shing Bank was taken over last April following a loan scandal involving Taiwan Pineapple Corp (
Another shareholder surnamed Hsueh (
Securities & Futures Commission (
"Before the government stepped in, the bank's top ten lenders were already burdened with a bad credit record and evidence of fraudulent collateral use, auditor reports revealed. These errors were behind the drop in the bank's net worth -- not the government's takeover," Lin told shareholders.
Lin flatly denied the newspaper report that the bank is running a deficit over NT$30 billion.
The government had filed criminal and civil compensation lawsuits against former bank officials who were suspected of neglecting their duties by giving loans to problematic lenders.
In addition, shareholder representative Chen Ching-yi (
Nissan Motor Co has agreed to sell its global headquarters in Yokohama for ￥97 billion (US$630 million) to a group sponsored by Taiwanese autoparts maker Minth Group (敏實集團), as the struggling automaker seeks to shore up its financial position. The acquisition is led by a special purchase company managed by KJR Management Ltd, a Japanese real-estate unit of private equity giant KKR & Co, people familiar with the matter said. KJR said it would act as asset manager together with Mizuho Real Estate Management Co. Nissan is undergoing a broad cost-cutting campaign by eliminating jobs and shuttering plants as it grapples
PERSISTENT RUMORS: Nvidia’s CEO said the firm is not in talks to sell AI chips to China, but he would welcome a change in US policy barring the activity Nvidia Corp CEO Jensen Huang (黃仁勳) said his company is not in discussions to sell its Blackwell artificial intelligence (AI) chips to Chinese firms, waving off speculation it is trying to engineer a return to the world’s largest semiconductor market. Huang, who arrived in Taiwan yesterday ahead of meetings with longtime partner Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), took the opportunity to clarify recent comments about the US-China AI race. The Nvidia head caused a stir in an interview this week with the Financial Times, in which he was quoted as saying “China will win” the AI race. Huang yesterday said
TEMPORARY TRUCE: China has made concessions to ease rare earth trade controls, among others, while Washington holds fire on a 100% tariff on all Chinese goods China is effectively suspending implementation of additional export controls on rare earth metals and terminating investigations targeting US companies in the semiconductor supply chain, the White House announced. The White House on Saturday issued a fact sheet outlining some details of the trade pact agreed to earlier in the week by US President Donald Trump and Chinese President Xi Jinping (習近平) that aimed to ease tensions between the world’s two largest economies. Under the deal, China is to issue general licenses valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of US end users and their suppliers
Dutch chipmaker Nexperia BV’s China unit yesterday said that it had established sufficient inventories of finished goods and works-in-progress, and that its supply chain remained secure and stable after its parent halted wafer supplies. The Dutch company suspended supplies of wafers to its Chinese assembly plant a week ago, calling it “a direct consequence of the local management’s recent failure to comply with the agreed contractual payment terms,” Reuters reported on Friday last week. Its China unit called Nexperia’s suspension “unilateral” and “extremely irresponsible,” adding that the Dutch parent’s claim about contractual payment was “misleading and highly deceptive,” according to a statement
RSS