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🇹🇼 Taiwan /Elections & Politics

Taiwan Fund Investment in Ex-Premier's Family Firm Sparks Controversy; Lawmakers Urge End to Rumors

From Liberty Times · () Chinese

Translated from Chinese, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • Taiwan's National Development Fund invested in a company linked to former Premier Su Tseng-chang's family, sparking accusations of impropriety.
  • Opposition lawmakers allege the investment violated conflict-of-interest rules, while ruling party legislators defend the process.
  • The National Development Fund stated all investments follow established procedures and external expert reviews.

Opposition lawmakers are questioning an investment made by Taiwan's National Development Fund in a company associated with the family of former Premier Su Tseng-chang. The controversy centers on "World Greatest Intelligence," a company where Su's daughter, Su Chiao-chun, serves as director and chief operating officer.

The National Development Fund's investment in World Greatest Intelligence was handled in accordance with the law.

— National Development FundStatement emphasizing adherence to regulations regarding the investment.

Legislator Chen Chao-tzu of the Taiwan People's Party raised concerns that the company received approximately NT$20 million (US$620,000) from the fund during Su Tseng-chang's tenure as premier. Chen also pointed to another related company, "Weiru Technology," which reportedly received nearly NT$6 million from the Ministry of Economic Affairs and the Ministry of Culture, alleging a failure to disclose potential conflicts of interest under the "Public Servants Income Source Act."

However, ruling party legislator Chang Ya-ling defended the investment, clarifying that the NT$20 million was not a subsidy but an equity investment through a public startup angel investment program. She emphasized that the investment was reviewed by external experts and co-invested by private entities, refuting claims of improper dealings. Chang urged the opposition party to cease what she termed "smear campaigns" and "rumors."

Please, Taiwan People's Party, stop spreading rumors and don't turn the Legislative Yuan into a venue for spreading rumors.

— Chang Ya-lingLegislator urging the opposition to cease what she described as baseless accusations.

The National Development Fund's executive secretary, Wang Ting-an, affirmed that all investment decisions adhere to the "Public Servants Income Source Act" and relevant regulations. The committee was scheduled to hear reports on the effectiveness and legal shortcomings of conflict-of-interest and revolving-door regulations for public officials.

The NT$20 million fund was an investment by the National Development Fund to acquire equity in the company, not a subsidy.

— Chang Ya-lingClarifying the nature of the financial support provided to World Greatest Intelligence.
DistantNews Editorial

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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