In retaliation for the Executive Yuan's plan to enact a special law that would empower the government to investigate the KMT's assets, the former ruling party yesterday demanded a thorough probe into the government's role in the loss of up to NT$240 billion the National Stabilization Fund (國安基金) and four other government funds have suffered.
Leaders of the KMT legislative caucus announced that they would join lawmakers across party lines to set up an investigative committee as soon as the legislature reopens after the Dec. 1 legislative elections.
Justin Chou (
The KMT lawmakers, meanwhile, said they had no objection to any investigation into the KMT's assets as long as it is backed up by evidence.
"If the DPP government is to enact a special law based on solid facts, we will approve it according to the evidence presented," said Cheng Feng-chi (鄭逢時), a lawmaker and deputy executive-director of the KMT's Policy Committee. "The DPP cannot fabricate charges and spread rumors to defame the KMT. We can never accept a tactic such as this."
The party said the DPP government should be subject to investigation based on the same standard for "embezzling national assets."
James Chen (陳健治), also a deputy chief of the Policy Committee, said that the DPP government began intervening in the stock market using money from government-run funds when the TAIEX stood at 8,200 points, soon after the DPP came to power last year. The nation's main stock market index yesterday closed at 4,548 after dipping below 3,500 last month.
Losses related to the government's market interventions total about NT$240 billion, which Chen said were a result of the DPP's incompetence.
According to Chen, the losses have jeopardized the retirement benefits of veterans and government employees and are expected to increase government debt.
Chen said the government owes the people an explanation as to who was responsible for the decision to intervene and if any corrupt practices were involved.
The lawmakers suspect that the money was poured into the stock market to save firms owned by President Chen Shui-bian's (
People First Party Chairman James Soong (
Soong said he would support the Executive Yuan's move if any government assets were shown to be illegally obtained by the party.
DPP Chairman Frank Hsieh (
Information released by the Control Yuan shows that many of the KMT's assets were obtained illegally, according to Hsieh.
TYPHOON: The storm’s path indicates a high possibility of Krathon making landfall in Pingtung County, depending on when the storm turns north, the CWA said Typhoon Krathon is strengthening and is more likely to make landfall in Taiwan, the Central Weather Administration (CWA) said in a forecast released yesterday afternoon. As of 2pm yesterday, the CWA’s updated sea warning for Krathon showed that the storm was about 430km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point. It was moving in west-northwest at 9kph, with maximum sustained winds of 119kph and gusts of up to 155kph, CWA data showed. Krathon is expected to move further west before turning north tomorrow, CWA forecaster Wu Wan-hua (伍婉華) said. The CWA’s latest forecast and other countries’ projections of the storm’s path indicate a higher
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The Central Weather Administration (CWA) is set to issue sea and land warnings for Tropical Storm Krathon as projections showed that the tropical storm could strengthen into a typhoon as it approaches Taiwan proper, the CWA said yesterday. The sea warning is scheduled to take effect this morning and the land warning this evening, it said. The storm formed yesterday morning and in the evening reached a point 620 nautical miles (1,148km) southeast of Oluanpi (鵝鑾鼻), Taiwan proper’s southernmost point, moving west-southwest at 4 kph as it strengthened, the CWA said. Its radius measured between 220km and 250km, it added. Krathon is projected
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