Taiwan International Securities Corp (金鼎證券), targeted in a hostile takeover by China Development Financial Holding Corp (開發金控), said it hasn’t been acquired by the larger rival, whose stake in the company is being probed by the Ministry of Finance.
“China Development has so far not yet obtained management control of our company,” Taipei-based Taiwan International Securities said in a Chinese-language advertisement in the Economic Daily News and the China Times yesterday. “Some people are of the misunderstanding that we are a unit of China Development, but this is not true.”
The statement comes after the ministry said last week it will investigate tie-ups between financial firms begun during the administration of former president Chen Shui-bian (陳水扁), who is the subject of a corruption probe.
Among the deals to be probed is the investment in Taiwan International by China Development, controlled by Angelo Koo (辜仲瑩).
Taiwan International also reiterated a request that China Development sell its stake in the firm. China Development owns 48.47 percent of Taiwan International and has four seats on the company’s nine-member board, China Development spokesman Jack Wang (王克捷) said.
Wang said he had no comment on Taiwan International’s statement yesterday.
The tie between the two companies was also scrutinized last year. Taipei prosecutors said in April of last year they had questioned China Development’s executives after the company raised its stake in Taiwan International to 48 percent in October 2006.
The prosecutors didn’t give a reason for the questioning and China Development denied any wrongdoing at the time.
The ministry said on Aug. 20 it would investigate financial firm tie-ups for possible irregularities, including those between Taishin Financial Holdings Co (台新金控) and Chang Hwa Commercial Bank Ltd (彰銀), and between Chinatrust Financial Holding Co (中信金) and Mega Financial Holding Co (兆豐金).
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