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
Kenting National Park service technician Yang Jien-fon (楊政峰) won a silver award in World Grand Prix Photography Awards Spring Season for his photograph of two male rat snakes intertwined in combat. Yang’s colleagues at Kenting National Park said he is a master of nature photography who has been held back by his job in civil service. The awards accept entries in all four seasons across six categories: architectural and urban photography, black-and-white and fine art photography, commercial and fashion photography, documentary and people photography, nature and experimental photography, and mobile photography. Awards are ranked according to scores and divided into platinum, gold and
The Chinese Nationalist Party (KMT) caucus yesterday said it opposes the introduction of migrant workers from India until a mechanism is in place to prevent workers from absconding. Minister of Labor Hung Sun-han (洪申翰) on Thursday told the Legislative Yuan that the first group of migrant workers from India could be introduced as early as this year, as part of a government program. The caucus’ opposition to the policy is based on the assessment that “the risk is too high,” KMT caucus secretary-general Lin Pei-hsiang (林沛祥) said. Taiwan has a serious and long-standing problem of migrant workers absconding from their contracts, indicating that
SPACE VETERAN: Kjell N. Lindgren, who helps lead NASA’s human spaceflight missions, has been on two expeditions on the ISS and has spent 311 days in space Taiwan-born US astronaut Kjell N. Lindgren is to visit Taiwan to promote technological partnerships through one of the programs organized by the US for its 250th national anniversary. Lindgren would be in Taiwan from Tuesday to Saturday next week as part of the US Bureau of Educational and Cultural Affairs’ US Speaker Program, organized to celebrate the 250th anniversary of the signing of the Declaration of Independence, the American Institute in Taiwan (AIT) said in a statement yesterday. Lindgren plans to engage with key leaders across the nation “to advance cutting-edge technological partnerships and inspire the next generation of scientists and engineers,”
TRADE-OFF: Beijing seeks to trade a bowl of tempura for a Chinese delicacy, an official said, while another said its promises were attempts to interfere in the polls The government must carefully consider the national security implications of building a bridge connecting Kinmen County and Xiamen, China, the Public Construction Commission (PCC) said yesterday. PCC Commissioner Derek Chen (陳金德), who is also a minister without portfolio, made the remarks in a meeting of the legislature’s Transportation Committee, after Democratic Progressive Party Legislator Hsu Fu-kuei (徐富癸) asked about China’s proposal of new infrastructure projects to further connect Kinmen and Lienchiang (Matsu) counties with Xiamen. China unveiled the bridge plan, along with nine other policies for Taiwan, on Sunday, the last day of Chinese Nationalist Party (KMT) Chairwoman Cheng Li-wun’s (鄭麗文) visit
RSS