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Investigation finds no evidence of KMT laundering assets
Central News Agency
2014-08-04 11:23 PM
Taipei, Aug. 4 (CNA) A special division of prosecutors has found no concrete evidence that the Kuomintang was laundering its assets when it dumped them at firesale prices and has decided not to file charges after an investigation that lasted eight years. The Special Investigation Division of the Supreme Prosecutors' Office decided not to indict the party on breach of trust or money laundering charges for the sale of its holdings in China Television Co., Broadcasting Corporation of China, and Central Pictures Corp. in 2005. The KMT was forced to sell the assets because of amendments to the Radio and Television Act in 2003 stipulating that political parties could not directly or indirectly invest in privately owned broadcasting and television companies. In 2006, then-Democratic Progressive Party Chairman Yu Shyi-kun and others filed a complaint against the KMT for allegedly selling the assets at a price much lower than its value. Those filing the complaint said the KMT sold its share of the assets, held through a holding company called Hua-Hsia Investment Holding Co., for just over NT$4 billion (US$133.28 million) in 2005 when they were worth NT$15.2 billion. They also accused the KMT of arranging with the buyers to have the buyers then sell the assets for their real value and split the profits with the party. An investigation into the case was launched in 2006, and investigators have gone through transaction receipts, bank statements and other documents and interviewed almost 100 witnesses since then before coming to their conclusion. The prosecutors said Monday that the sales price of the three assets was relatively fair because the valuation of NT$15.2 billion was assessed in 2003, but by 2005, the value of the companies had fallen to NT$7.82 billion, without explaining the cause for the drop in value. Thus, the sales price of the three companies appeared to be reasonable, the investigation division said, finding no concrete evidence of the KMT laundering its assets. (By Liu Shih-yi and Elaine Hou)
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