The Chinese Nationalist Party (KMT) yesterday dismissed reports that it had lost NT$6 billion (US$185 million) on the sale of Central Motion Picture Corp (CMPC).
A story published in yesterday’s China Times Weekly said that the KMT’s Central Investment Co (中央投資公司) sold CMPC and two other buildings under the ownership of CMPC to Guo Tai-chiang (郭台強), chairman of the Council for Industrial and Commercial Development and brother of Hon Hai Precision Industry Co chairman Terry Gou (郭台銘), for NT$3 billion. The deal required that Guo sell the three pieces of real estate owned by CMPC before April and give half of the profit made from the sales to the KMT.
Guo, however, did not sell the properties and thus failed to give the KMT their share of any profits — which would have amounted to NT$6 billion, the story said.
Wang Hai-ching (汪海清), general manager of Central Investment, held a press conference yesterday denying the allegations and said the company was negotiating with Guo on the issue.
Wang said the company had asked Guo to either sell the properties back at the original price or sell them now.
The Taipei District Court is investigating the sale of CMPC and the KMT is waiting for the result, Wang said, adding that any profits the KMT receives would not amount to NT$6 billion because of the sluggish real estate market.
“We are making money [out of the deal], rather than losing money or being cheated,” Wang said. “We will fight for the rights we deserve, and I believe the buyer will fulfill his obligations.”
If Guo accepted the offer, the KMT would profit from the deal, he said.
The KMT sold the three media assets it owned — China Television Co, the Broadcasting Corporation of China and the CMPC — to the China Times Group in 2005 for NT$9.3 billion.
The party helped the group sell the CMPC to Guo and KMT Legislator Alex Tsai (蔡正元).
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