The Taipei High Administrative Court yesterday ruled against the Chinese Nationalist Party (KMT) in two lawsuits initiated by the Cabinet’s Ill-gotten Party Assets Settlement Committee over three entities in Taipei with a combined worth of NT$16.38 billion (US$589.19 million at the current exchange rate).
The court’s decision deemed that two investment firms Central Investment Co (中央投資公司) and Hsinyutai Co (欣裕台), worth a combined NT$15.6 billion and one residential building Daxiao Building (大孝大樓), worth NT$782 million had been obtained by the KMT through illegal means.
The court ruled that the properties were ill-gotten party assets and prohibited the KMT