Japanese discount store chain Daiso Industries Co has been banned from importing any goods to Taiwan for two years as a penalty for altering transaction dates to obtain an import permit, the Ministry of Economic Affairs said yesterday.
The ministry has revoked the company’s import permit and fined it NT$41.64 million (US$1.39 million) , Bureau of Foreign Trade Deputy Director-General Lee Guann-jyh (李冠志) told the Legislative Yuan in Taipei.
The ministry has also notified the Customs Administration of the ban, as some products imported by the company might have entered the market, he added.
Lee’s remarks came after New Power Party Executive Chairman Huang Kuo-chang (黃國昌) last month accused the ministry of turning a blind eye to Daiso, which allegedly imported goods from Japan during a six-month import suspension period in 2015.
The government has tightened the regulations on imports of food and high-risk products from Japan after the Fukushima Dai-ichi nuclear power plant disaster in March 2011.
Daiso was in 2015 prohibited from importing any products into Taiwan after it was found to have illegally import food products from the five Japanese prefectures from which food imports were banned.
The Foreign Trade Act (貿易法) stipulates that companies may import or export goods during a suspension period if the transactions had been established before the punishment was issued, according to.
However, most of Daiso’s goods imported to Taiwan during the suspension period were ordered after the punishment had been imposed, Huang said.
Daiso denied the accusations, but a statement on its Web site said that its management team had made a wrong decision to switch the dates in a bid to obtain approval from the government.
The Japanese budget store chain, which sells more than 20,000 items, operates about 60 stores in Taiwan, company data showed.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s