DPP legislative caucus leader Chen Chi-mai (陳其邁) said yesterday that central government officials have been colluding with legislators to push investments in venture capital companies in preparation for the upcoming presidential election.
Chen's allegations came a day after accusations that state-run banks have been pressured into investing in such firms owned by members of the Legislative Yuan's Finance Committee,
Chen made the claim yesterday at a DPP news conference held on the widening scandal, alleging that officials from the finance ministry's Bureau of Monetary Affairs pressured both state and private banks to invest in legislator-controlled venture capital firms.
Chen said that high-ranking bank officers had personally informed him of the bureau officials' actions. He further called on the Ministry of Justice Investigation Bureau to look into officials' alleged illegal actions.
DPP legislator Chou Po-lun (周伯倫)said at the news conference, however, that the scandal is just another struggle between supporters of independent presidential candidate James Soong (宋楚瑜) and KMT candidate Lien Chan (連戰).
Forces from both sides are vying for the administration's resources so that they can sink their vote-getting machines into the local electorate (綁樁), Chou said.
Minister of Finance Paul Chiu (邱正雄) yesterday denied that any banks had been "pressured" by legislators to invest in venture capital firms under their control, but said it was "inevitable" for legislators and certain administrative agencies to meet with bank officials. Chiu added that he would "absolutely support" any bank that was found to have been coerced into making such investments.
KMT legislator Lo Ming-tsai (羅明才), one of the legislators accused by a local newspaper of coercing banks to provide investment funds, yesterday made good on his promise to sue the paper. Lo submitted a charge of libel with the Taipei Prosecutors' Office (台北地檢署) against Yu Chi-chung (余紀忠), publisher of the China Times.
Lo claimed he had no stake in any venture capital firm, and is clueless about anything to do with investments. He also proposed that assets held by legislators also be turned over to financial trusts in a way similar to that proposed by the KMT for its the parties assets..
The Executive Yuan's Development Fund (開發基金), which is under scrutiny for investing in legislators' venture capital companies, confirmed that the fund received a request for a NT$150 million investment from the Columbus Venture Capital Company (哥倫布創投), alleged to have ties with legislators.
Fund managers said they not rule out investing in the company, drawing attention to the company's strong management team and access to Japanese high-technology.
Venture capital firms must presently be approved by the Ministry of Finance before they can begin operations. There are presently over 40 trusts operating in Taiwan, with more than 120 applications pending approval.
Investments by venture capital firms in traditional industries cannot exceed 30 percent, but high-tech firms can legally be 100 percent owned by venture capital companies.
An unnamed official at the Ministry of Finance said that such a strategy may, however, work against the government's policy of channelling funds to traditional industries, presently starved for cash under the shadow of Taiwan's dynamic high-tech firms.
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