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KMT assets’ magical vanishing act
By Lu I-ming 呂一銘
Wednesday, May 05, 2010, Page 8
‘The disposal of the KMT’s assets has been constantly delayed.
Incomprehensibly, most of those assets ... have now magically disappeared.’
On the insistence of President and Chinese Nationalist Party (KMT) Chairman Ma
Ying-jeou (馬英九), the KMT recently outlined a new “three noes” principle — “no
private settlement, no loose handling and no messing up.” This came in response
to a court decision that People First Party Chairman James Soong (宋楚瑜) can now
legally withdraw NT$240 million (US$7.65 million) related to the Chung Hsing
Bills Finance case and deposited with the court several years ago.
The KMT has pledged to recover the money and donate it to charity. By taking
this rare tough stance, Ma has indicated that the KMT wants to resolve the
dispute in line with public opinion and based on law, reason and emotion. What a
statement!
The problem is that if Ma really cares so much about public opinion, why has he
failed to dispose of the party’s ill-gotten assets, described as “public enemy
No. 1” during his two terms as party chairman? Even his close friend C.V. Chen
(陳長文), president of the Red Cross Society, once wrote an article advising the
KMT to “give up party assets and settle historical issues to gain respect,”
suggesting that the party should donate the assets to either the government or
charity after the 2008 presidential election. The KMT has yet to take his
advice.
In other words, the disposal of the KMT’s assets has been constantly delayed.
Incomprehensibly, most of those assets, with the notable exception of Central
Investment Holding Co, have now magically disappeared. According to a
three-stage plan announced by Ma late last year, the KMT is scheduled to dispose
of the company by next month, and all its ill-gotten gains by the end of this
year.
Although Central Investment Holding has a total net value of over NT$20 billion,
if we deduct NT$18 billion for party operations, that leaves just NT$2 billion
for charity. This could well be considered a violation of Ma’s originally stated
objective of returning these assets to society. Certain officials have even
argued that the money should be kept as part of an ongoing internal party
struggle.
During Ma’s first term as KMT chairman in 2005, the unwinding of the party’s
assets was extremely complex, with three affiliated corporations being sold —
China Television Company (CTV), Central Pictures Corporation and the
Broadcasting Corporation of China (BCC) — causing much controversy. Under such
circumstances, the KMT’s assets of tens or even hundreds of billions of NT
dollars quickly disappeared. The party also rapidly disposed of land for the
National Development Institute and three other plots, in deals worth more than
NT$10 billion. All that money then promptly disappeared.
In 2008, the China Times Group sold the Chinese-language daily China Times and
CTV to the Want Want Group. Also, BCC was divided into a radio broadcasting and
asset management company. The first company retained responsibility for radio
broadcasting. The latter, a new company, manages billions of NT dollars worth of
real estate holdings. The KMT argued that the law prohibits political parties
from running media outlets, but not from buying or selling property, this
despite Ma’s promise that there would be no party-run businesses when he started
his second term as KMT chairman. He said nothing about donations to charity.
The high court of Switzerland ruled in March that Italy’s UniCredit Group must
return assets worth 230 million euros and inappropriately obtained by the former
East German-ruling Socialist Unity Party to the Federal Republic of Germany.
This is an example of transitional justice. Why is it that an independent
judiciary in Taiwan has yet to reach the same conclusion? As for recovering the
money involved in the Chung Hsing Bills Finance case, the amount involved pales
into insignificance when compared with the KMT’s assets. Not to mention that it
comes from multiple sources, such as government subsidies for the votes Soong
received and political donations.
After reviewing the huge number of receipts collected by Soong over the past
decade, KMT Legislator and chairwoman of Taiwan’s Certified Public Accountants
Association Lo Shu-lei (羅淑蕾) believes the KMT long since overdrew its
“secretary-general’s special account” during Soong’s term in that position. That
is why the court ruled that he was not guilty of embezzlement, and if the party
wants to recover the money, it first needs to produce evidence that refutes this
argument.
To be blunt, this situation arises out of an internal KMT power struggle.
To quote the theme song of the popular Chinese drama Prime Minister Hunchback
Liu (宰相劉羅鍋), “Those in the story might be right; they might also be wrong.”
Those who pass judgment without seeing the whole picture are simply echoing
others.
Lu I-ming is former publisher and president of Taiwan Shin
Sheng Daily News.
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