Taiwan prosecutors Monday with "breach of trust" as an excuse to prosecute, UMC (UMC), former chairman Robert Tsao (Robert Tsao), this most remarkable point about timing.
The prosecution will be targeting the company's founder, that his illegal business practices in China, Taiwan, UMC is one of the highest degree of globalization. Just a few days earlier, Taiwan's President Chen Shui-bian promised to cross-Strait trade and investment on a more strict control.
While investors, Mr Tsao's indictment is unlikely to suffer much from UMC, the Government move to other companies is a serious warning.
Taiwan-funded enterprises in Suzhou, a general manager, said: "We have a proverb 'a warning to others''. UMC case is tantamount to' kill the monkey to scare''."
Taiwan official position, have deepened the feeling of such people: the government is trying to crack down on UMC to raise its policy credibility.
Taiwan Executive Yuan, a senior official recently said: "We need to close the loopholes. Otherwise, like the UMC that do not follow the rules of the company, will other companies follow the rules seem very stupid."
Taiwan government statistics show that Taiwan investment enterprises in the mainland about 500 million. However, estimates of the private sector is of huge illegal investment, the actual number to be higher than the official data, more than double.
Taiwan Ministry of Economic Affairs Vice Minister Shih Yen-hsiang said the Government had 900 cases of illegal investment in the mainland by a fine, such cases are known about 300 more, but due to lack of evidence can not be processed.
Although the Executive Yuan on how to better "manage" a series of cross-strait investment ideas, but there are still restrictions on how the challenges. In the new management tools, the top-ranked proposal to send accountants to China to trace illegal investments by Taiwanese companies.
Accountants say the idea is unrealistic. As we all know, Taiwan's mainland accounts are not transparent. Many Taiwanese companies investing in the mainland through "shell companies" conducted, including those registered in tax havens, there is no disclosure requirements for company accounts.
Taiwan Ministry of Economic Affairs said it would strengthen efforts to the next review of investment applications, and require companies to submit plans on how they intend to "balance" in China, Taiwan and the third local investment.
But analysts said this would do little to bring psychological barriers and bureaucratic obstacles, not a real solution.
Observers believe, the Taiwan government's high-profile fight against UMC, may be the most effective means of deterrence.
Late last month, prosecutors in Taiwan on the well-known appliance maker Sampo (Sampo) chairman Chen Shengquan (Felix Chen) issued arrest warrants.
Chen Shengquan has been arrested for "breach of trust" under investigation, as a subsidiary of Sampo Group's investment in mainland China were found to exceed the legal limit. But in November he was publicly attacked the government's restrictions on investment in mainland China came only after the arrest warrant.
Business executives and analysts say recent events, it appears the government is not only short-term attempt to reassert its authority. The company's reaction, may be from the Taiwan government's control.
A foreign banker said: "Taiwan will its mainland operations in Hong Kong, not Taiwan's local market has become a trend, this trend is certain to accelerate."
Taiwan companies will invest in the mainland in Hong Kong, Shanghai or Shenzhen or even listed, its parent company, temporarily free from the constraints of a provision, the provision of listed companies of Taiwan investment in mainland China limit the amount of 40% of its net asset value.
As the world's largest electronic manufacturing services company, Taiwan's Foxconn (Hon Hai) in the mainland subsidiary, Foxconn International Holdings (Foxconn International) was listed in Hong Kong in late 2004 and now shares have tripled. Since the company after another six Taiwan-based company in China listed in Hong Kong selection.
Many large companies listed in Taiwan, has worked out plans to delist a Taiwan, then Taiwan and mainland businesses into a BVI holding company (in the British Virgin Islands-registered company) and the new companies listed in Hong Kong . This allows them greater flexibility, but one banker said: "In Taiwan, there is a big regulatory obstacles to delisting, these plans are unlikely to achieve in the short term."
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