The Ill-gotten Party Assets Settlement Committee for the first time has taken over the stock of companies after the Supreme Administrative Court on Thursday rejected the Chinese Nationalist Party’s (KMT) appeal of a decision to nationalize Central Investment Co and Hsinyutai Co, which are estimated to be worth a combined NT$15.6 billion (US$498.32 million).
The committee would consult lawyers on how to proceed, as ongoing lawsuits might prevent it from immediately acting on the ruling, a source in the committee said on Friday on condition of anonymity.
The committee in 2016 declared that the two firms were illegally obtained assets, prompting the KMT and executives from the companies to file three separate lawsuits against the decision.
Photo: Liu Hsin-de, Taipei Times
The companies say that nationalization would be illegal.
The High Administrative Court ruled against the KMT, but the other two cases have been remanded, with the administrative court saying the firms “were not the appropriate entities to take the issue to court,” the source said.
The Promoting Transitional Justice Fund, which is managed by the National Development Council, has been looking into the procedures involved in transferring the ownership of the stocks, the source said.
There are no procedures for transferring ownership of stocks, they said.
The stocks, once transferred, would be subject to Article 7 of the Act on Promoting Transitional Justice (促進轉型正義條例), meaning that the Promoting Transitional Justice Fund would manage them — including for use in the promotion of transitional justice and human rights education, long-term healthcare, social welfare policies and other such causes, the source added.
Both companies would be considered government assets and the state would assign board members to finalize their nationalization, they said.
It is too early to consider the possibility of the government selling the stocks to allow the firms to transition to private ownership, they said.
Rejection of the KMT’s lawsuit upheld Constitutional Interpretation No. 793 — which established the act — the committee said, adding that recovery of former national assets upholds the ideals of liberty, democracy and the rule of law as represented by the Constitution.
KMT Secretary-General Justin Huang (黃健庭) accused the Democratic Progressive Party government of a “purge under the guise of transitional justice.”
It is regrettable that the administrative court has become an accomplice in this matter, Huang said.
Additional reporting by Shih Hsiao-kuang
The Chinese military has built landing bridge ships designed to expand its amphibious options for a potential assault on Taiwan, but their combat effectiveness is limited due to their high vulnerability, a defense expert said in an analysis published on Monday. Shen Ming-shih (沈明室), a research fellow at the Institute for National Defense and Security Research, said that the deployment of such vessels as part of the Chinese People’s Liberation Army (PLA) Navy’s East Sea Fleet signals a strong focus on Taiwan. However, the ships are highly vulnerable to precision strikes, which means they could be destroyed before they achieve their intended
The Taiwan Experience Education Program (TEEP) has funded short-term internships in Taiwan for more than 4,500 young people from more than 40 countries since 2015, with the goal of attracting and retaining international talent, the Ministry of Education said yesterday. Fifty-five colleges launched 514 projects this year, including in fields such as semiconductors, artificial intelligence, medicine and biotechnology, green energy, and sustainability, it said. The program provides research and practical internships in Taiwan for two to six months, and offers cultural exchange and networking opportunities, the ministry said. For example, National Formosa University’s Embedded System and Autopilot Laboratory developed two solar-powered drones in
GLOBAL: Although Matsu has limited capacity for large numbers of domestic tourists, it would be a great high-end destination for international travelers, an official said Lienchiang County’s (Matsu) unique landscape and Cold War history give it great potential to be marketed as a destination for international travelers, Tourism Administration Director General Chen Yu-hsiu (陳玉秀) said at the weekend. Tourism officials traveled to the outlying island for the Matsu Biennial, an art festival that started on Friday to celebrate Matsu’s culture, history and landscape. Travelers to Matsu, which lies about 190km northwest of Taipei, must fly or take the state-run New Taima passenger ship. However, flights are often canceled during fog season from April to June. Chen spoke about her vision to promote Matsu as a tourist attraction in
Taipei resident Mu Chu-hua caught some glimpses of China’s mighty military parade on YouTube on Wednesday. As she watched hypersonic missiles roll down Beijing’s Changan Avenue and troops march in lockstep, she did not feel like they posed a threat to Taiwan. Mu, a 69-year-old retiree, said she saw the parade as simply a way for Chinese President Xi Jinping (習近平) to “say thank you to the troops.” “I thought it was quite normal,” she said. “It was very cool.” China’s military parade commemorating the end of World War II was being watched internationally for insights into Beijing’s military advances and its show
RSS