Taipei Mayor Chiang Wan-an (蔣萬安) yesterday listed six flaws in EasyCard Corp’s Emerging Stock Market listing process, which was carried out in December last year before a change in municipal administration.
EasyCard Corp on Dec. 9 last year announced that its board had approved its plan to apply for listing on the Taipei Exchange’s Emerging Stock Market, only two weeks before then-mayor and Taiwan People’s Party Chairman Ko Wen-je (柯文哲) stepped down from his post on Dec. 25, with the corporation debuting on the stock market in January.
Saying that the Ko administration’s decision to list EasyCard appeared rushed and that it might dilute the government’s shares in the company, Chiang in June instructed city government officials to look into the case.
Photo: CNA
Reporting at the Taipei City Council yesterday, Chiang said the council found six flaws in the listing process:
‧ First, the company, which was operating normally and had abundant funding, did not follow the commercial practice of stating where the funds from the listing would be used or provide an operational or financial plan.
‧ Second, the company’s proposal stated that the city government would have a shareholding percentage of up to 74 percent; in reality, the government’s direct and indirect holdings combined totaled only 38.43 percent.
‧ Third, the company knew it would not be able to debut on the stock market during Ko’s term, but insisted on carrying out the listing, which is disrespectful of the new public opinion represented by the new mayor.
‧ Fourth, the Taipei Department of Budget had reminded the company about issues regarding the listing, but the listing was still approved, which disrespects professionalism.
‧ Fifth, the decision was reported to the city council through written documentation during a council recess, likely to avoid supervision.
‧ Sixth, it goes against political ethics and convention for a lame-duck government to continue pushing decisions when a new mayor has been elected.
While the investigation report states that the listing decision was made hastily and imprudently, and has several flaws, it did not find any illegally conduct, Chiang said.
To follow up on the issue, Chiang said he has asked the company to clarify its prospects and explain them to the public.
Democratic Progressive Party Taipei City Councilor Lin Yen-feng (林延鳳) said that a company lists on the Emerging Stock Market either to raise funds, increase brand awareness or prepare for listing on the mainboard, but EasyCard Corp does not meet any of these three purposes.
Chinese Nationalist Party (KMT) Taipei City Councilor Liu Tsai-wei (柳采葳) said that the EasyCard is widely used, associated with public interest and provides data for statistical analysis, but that the Ko administration casually made such a big decision only several days before the mayoral election, which appears ill-planned.
Social Democratic Party Taipei City Councilor Miao Po-ya (苗博雅) said that if the city government’s control over EasyCard Corp has dropped to less than 40 percent, Chiang’s administration should come up with a list of who was responsible for the decision.
Three Taiwanese airlines have prohibited passengers from packing Bluetooth earbuds and their charger cases in checked luggage. EVA Air and Uni Air said that Bluetooth earbuds and charger cases are categorized as portable electronic devices, which should be switched off if they are placed in checked luggage based on international aviation safety regulations. They must not be in standby or sleep mode. However, as charging would continue when earbuds are placed in the charger cases, which would contravene international aviation regulations, their cases must be carried as hand luggage, they said. Tigerair Taiwan said that earbud charger cases are equipped
Foreign travelers entering Taiwan on a short layover via Taiwan Taoyuan International Airport are receiving NT$600 gift vouchers from yesterday, the Tourism Administration said, adding that it hopes the incentive would boost tourism consumption at the airport. The program, which allows travelers holding non-Taiwan passports who enter the country during a layover of up to 24 hours to claim a voucher, aims to promote attractions at the airport, the agency said in a statement on Friday. To participate, travelers must sign up on the campaign Web site, the agency said. They can then present their passport and boarding pass for their connecting international
UNILATERAL MOVES: Officials have raised concerns that Beijing could try to exert economic control over Kinmen in a key development plan next year The Civil Aviation Administration (CAA) yesterday said that China has so far failed to provide any information about a new airport expected to open next year that is less than 10km from a Taiwanese airport, raising flight safety concerns. Xiamen Xiangan International Airport is only about 3km at its closest point from the islands in Kinmen County — the scene of on-off fighting during the Cold War — and construction work can be seen and heard clearly from the Taiwan side. In a written statement sent to Reuters, the CAA said that airports close to each other need detailed advanced
The age requirement for commercial pilots and airline transport pilots is to be lowered by two years, to 18 and 21 years respectively, to expand the pool of pilots in accordance with international standards, the Ministry of Transportation and Communications announced today. The changes are part of amendments to articles 93, 119 and 121 of the Regulations Governing Licenses and Ratings for Airmen (航空人員檢定給證管理規則). The amendments take into account age requirements for aviation personnel certification in the Convention on International Civil Aviation and EU’s aviation safety regulations, as well as the practical needs of managing aviation personnel licensing, the ministry said. The ministry
RSS