Taiwan Statebuilding Party and Democratic Progressive Party (DPP) lawmakers have jointly proposed a draft amendment to prevent Chinese or other malign forces from infiltrating companies in the national defense industry.
The proposed amendment would add two clauses to articles 4 and 21 of the National Defense Industry Development Act (國防產業發展條例) which was passed in June last year.
The act places restrictions on defense manufacturers to safeguard national security, but has failed to address regulations regarding company ownerships, Taiwan Statebuilding Party Legislator Chen Po-wei (陳柏惟) said.
This leaves a loophole for foreign forces with hostile intent, or other agents, to infiltrate the industry under the guise of foreign investment, he said.
Together with DPP legislators Chao Tian-lin (趙天麟) and Tsai Shih-ying (蔡適應), Chen proposed amendments that would allow the Ministry of National Defense to list defense manufacturers as “important national security industries,” conduct background checks on major shareholders and control ownership.
The draft would require companies deemed vital to national security to report voting share transactions of entities owning a stake of 5 percent or more to the Ministry of Finance.
Investors wishing to make share purchases that exceed the threshold would need to seek approval from the finance ministry, the draft stipulates.
Companies which fail to report such stock transactions could be fined NT$2 million to NT$50 million (US$69,163 to US$1.73 million), it adds.
The Investment Commission would have the authority to order entities disapproved on national security grounds to dispose their stake and fines those failing to comply NT$2 million to NT$50 million, it adds
The proposed amendment is undergoing review at the legislature’s Foreign Affairs and national Defense Committee.
The draft amendment would be the first of many amendments if Taiwan wishes to prevent China from infiltrating the nation through its economy and conduct corporate espionage, Chen said.
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