The Ministry of Economic Affairs and the National Communications Commission (NCC) announced yesterday they will send independent accountants to serve as auditors at Asia Pacific Broadband Telecom Co (亞太固網), a unit of the scandal-embroiled Rebar Asia Pacific Group (力霸亞太企業集團).
The government's latest move came after prosecutors raided the headquarters of Asia Pacific Broadband Telecom on Monday on suspicion that approximately NT$29.5 billion (US$899.6 million) of funds raised by the company had been embezzled.
"So far, the finances and daily operation of Asia Pacific Broadband Telecom have been normal," Vice Minister of Economic Affairs Shih Yen-hsiang (施顏祥) told a press conference last night.
How long the auditors will stay at Asia Pacific Broadband Telecom depends on future development at the company, he said.
Gary Wang (王令麟), chairman of Rebar-related Eastern Multimedia Group (東森多媒體), is suspected of embezzling funds from Asia Pacific Broadband Telecom, Chinese-language media reports said.
In response to the speculation and to safeguard shareholders' interests, NCC chairman Su Yeong-ching (蘇永欽) said in the legislature earlier yesterday that the NCC had set up an ad hoc committee to supervise the operations of the company.
The government holds a 17.21 percent stake in Asia Pacific Broadband Telecom through state agency Taiwan Railway Administration (TRA,
Of the 33 seats on the board of Asia Pacific Broadband Telecom, TRA controls five and Mega International one.
China Steel originally had one seat, but resigned the position on Jan. 12 after suggestions in improving corporate governance were ignored by the board.
The measures were agreed by Wang Lin-tai (王令台), vice chairman of Asia Pacific Broadband Telecom, who is in charge of Asia Pacific Broadband Telecom, after chairwoman Chin She-ying (王金世英) fled overseas with her husband, Wang You-theng (王又曾), chairman of the Rebar Group.
Asia Pacific Broadband Telecom, with registered capital of NT$65.68 billion, obtained the license to operate fixed-line telecom services on Jan. 19, 2001.
It has 1,383 employees and posted a net income of NT$417 million as of the end of November last year.
Along with subsidiaries Asia Pacific Broadband Wireless Communications Inc (亞太行動寬頻) and Internet service provider Asia Pacific Online Services Inc (亞太線上), the company has 1.38 million users and posted an annual revenue of NT$10.5 billion last year, the company said in a statement.
It expects to see the figure exceed NT$18.5 billion this year, the statement said.
Once Asia Pacific Broadband Telecom suspends its operation, the NCC will help consumers transfer to other service providers, NCC vice chairman Howard Shyr (石世豪) said at the press conference.
As of the end of last month, the company had 150,000 home telephone subscribers.
The users will be able to shift to other fixed-line providers, such as Chunghwa Telecom Co (中華電信), with relative ease, Shyr said.
Telecom regulations say that telecom companies need to apply for termination of service three months ahead, giving users sufficient time to switch to other service providers, Shyr said.
Government Information Office Minister and Cabinet Spokesman Cheng Wen-tsang
(鄭文燦) yesterday said that both customers' and cooperative companies'
legal rights will be protected.
“The Cabinet has asked the Ministry of Economic Affairs and the National
Communications Commission to get involved and figure out the company's
financial situation,” Cheng said in a cell phone text message yesterday
additional reporting by Jimmy Chuang
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion