Minister of Transportation and Communications Mao Chi-kuo (毛治國) said yesterday the government would not buy the Taiwan High Speed Rail Corp (THSRC) or help the company increase its capital, but would play a leading role in its management.
Mao told reporters during a visit to the Chinese Nationalist Party (KMT) caucus that THSRC’s shareholders had agreed to maintain the high speed rail system.
“We will keep the THSRC a private company. The government will not buy it nor will the government increase its holdings,” Mao said.
“The government owns some preferred stock ... the company’s board will be reorganized,” he said.
Mao met with the caucus to explain the government’s plan to intervene in THSRC’s management.
Premier Wu Den-yih (吳敦義) confirmed on Sunday that THSRC chairwoman Nita Ing (殷琪) planned to resign, but denied knowing the reason behind her resignation.
Wu told reporters yesterday that she had intended to step down for around six months, rebutting media speculation that the resignation was linked to the visit of exiled Tibetan spiritual leader the Dalai Lama earlier this month.
Despite a planned reorganization of the board, “the current executive team still needs to shoulder some responsibility to society and the nation,” Wu said, without elaborating.
The company planned to hold a provisional board meeting today.
The Chinese-language Liberty Times (the Taipei Times’ sister newspaper) reported on Sunday that the government planned for THSRC chief executive Ou Chin-der (歐晉德) to take over as chairman and quoted Ou as saying that he knew nothing about the reshuffle.
The company has paid-up capital of NT$105.3 billion (US$3.2 billion), but was reportedly NT$11 billion in the red last year, and its accumulated debts amount to NT$70.2 billion.
Mao said the government’s first priority was to help the company solve its financial problems, but had not agreed on how to handle the depreciation of the company.
“We believe the THSRC has the opportunity to generate more profit if it works harder to improve its transportation volume,” Mao said.
At a separate setting, KMT caucus chief deputy secretary-general Lin Hung-chih (林鴻池) urged the government to be more aggressive in its intervention in THSRC.
Also See: THSRC shares rise 47 percent
UPGRADE: The Kang Ding-class frigate is replacing its Chaparall missiles with Tien Chien II and Hua Yang VLS, which would provide it with long-range, 360° air defense Taiwan plans to produce 1,200 to 1,376 Hai Chien II missiles (海劍二, Sea Sword II) — also known as TC-2N — to serve as the standard air defense system of the navy’s surface combatant fleet, a source said yesterday. Last week, the Hai Chien II, the naval version of the Tien Kung II missile (天劍二, Sky Sword II), completed a live-fire test in waters off the National Chungshan Institute of Science and Technology’s Jiupeng facility (九鵬) in Pingtung County’s Manjhou Township (滿州). The MIM72 Chaparral and other dated air defense missiles that currently arm Taiwanese ships have inadequate range to combat Chinese
REASONS FOR TRAVEL: An assistant professor said that proposed amendments to penalize drivers if they used drugs overseas would not deter people from traveling People who operate a motor vehicle under the influence of marijuana would have their driver’s license revoked, even if they used the substance while overseas, the Ministry of Transportation and Communications said yesterday, citing proposed amendments to the Road Traffic Management and Penalty Act (道路交通管理處罰條例). The amendments would also authorize the government to revoke the licenses of people determined to have used Category 1 or Category 2 narcotics, even if they were not operating a vehicle while under the influence of drugs, as well as ban them from taking the license test for three years, the ministry said. People aged 18 or
HEAVY WEATHER: Typhoon Jangmi is due to crash straight into the Ryukyus as airlines look to shift flights to larger aircraft or cancel flights to Okinawa entirely Taiwan’s international air carriers announced flight adjustments over the weekend as Typhoon Jangmi is forecast to hit the Ryukyu Islands today and tomorrow. The Central Weather Administration (CWA) upgraded Jangmi from a tropical storm to a typhoon at 8am yesterday, with the eye located 580km south of Naha city. It was moving north at 19kph. Today, China Airlines’ CI-120, CI-121, CI-122 and CI-123 flights between Taoyuan and Naha, Okinawa, have been canceled as well as CI-132 and CI-133 between Kaohsiung and Naha. EVA Air’s BR-112, BR-113, BR-186 and BR-185 flights between Taoyuan and Naha are also canceled. Low-cost carrier Tigerair Taiwan canceled IT-230,
Johanne Liou (劉喬安), a Taiwanese woman who shot to unwanted fame during the Sunflower movement protests in 2014, returned to Taiwan last night after being deported from the US. She is to stand trial in Taiwan for charges involving embezzlement, fraud and drug crimes. The Criminal Investigation Bureau (CIB) said it took her into custody at Taiwan Taoyuan International Airport and would first question her before transferring her to the New Taipei District Prosecutors’ Office. She was arrested upon disembarking a flight from San Francisco that landed shortly before 7pm. Liou absconded to the US in 2019 after jumping bail
RSS