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
Proceeds totaling NT$1.02 billion (US$36.7 million) from recovered ill-gotten Chinese Nationalist Party (KMT) assets and an administrative settlement are to be placed in a fund in the first quarter of next year, the Ill-gotten Party Assets Settlement Committee said.
The committee on Saturday said that it had so far recovered NT$75.89 million in unfairly or illegally acquired assets, as well as NT$950 million from a settlement with Central Motion Pictures Corp (CMPC, 中影公司).
The film studio on Aug. 24 agreed to hand over 330 films and NT$950 million, representing the amount CMPC was undervalued when it was in 2006 sold by
Former president Ma Ying-jeou (馬英九) was yesterday acquitted in the first ruling of a case involving the sale of three media companies by the Chinese Nationalist Party (KMT) that resulted in significant losses, while Ma’s codefendant, former KMT legislator Alex Tsai (蔡正元), was sentenced to three years and six months in prison.
Prosecutors in 2018 indicted Ma, saying that he was involved in negotiations over the sale of China Television Co (中視), Broadcasting Corporation of China (中廣) and Central Motion Picture Co (中影).
Alongside Ma and Tsai, they also charged Wang Hai-ching (汪海清), former general manager of KMT-controlled Central Investment Co (中央投資公司),
Taipei, Oct. 27 (CNA) Former President Ma Ying-jeou (馬英九) and two other defendants were acquitted Wednesday on charges of breach of trust and irregular transactions in a long-running case related to the selling of three media companies owned by the Kuomintang (KMT) over a decade ago.