KMT Press Release

KMT Press Release

November 15, 2007

Following the “UN admission” plebiscite, the DPP launched another wave in its campaign war in the form of a “return of the KMT assets to the people” plebiscite. President Chen Shui-bian even pledged to use the reclaimed assets to buy lunches for local elementary and junior high school pupils. The KMT replied in a press release dated November 14 that the incompetent, corrupt, and scandal-plagued Chen administration had stolen state assets worth more than NT$ 6.5 trillion in the past seven years. The jaw-dropping sum is enough to cover the subsidies for elderly farmers for 192 years, or student loans for 326 years, or lunch fees for pupils for 381 years, or 82 times of the eight-year NT$ 80-billion flood control projects, or 13 times of the five-year NT$ 500-billion New Ten Major Construction Projects, or 5 years of tax exemption for all citizens. The people on Taiwan should not allow the DPP to walk away from such audacious theft of state assets.

According to the KMT’s primary estimates, the DPP has stolen state assets worth more than NT$ 6.5 trillion, which is enough to cover all government expenditures for two years. The sum includes:

Estimated amount of state-owned bank assets illegally transferred to private consortiums: NT$ 5.5282 trillion
Estimated financial loss involved in the suspension of the Fourth Nuclear Power Plant construction project: NT$ 281.3 billion

First Commercial Bank scandal: NT$ 17.7 billion
Estimated illegal profits for private consortiums generated by the abolishment of credit departments of farmers’ association: NT$ 17.7 billion

Embezzlement of Nuclear Backend Fund: NT$ 9 billion
De-Sinicization of state-owned enterprises: NT$ 1 billion
Selling shares of Chunghwa Telecom on the cheap: NT$ 143.7 billion

Selling land of Taiwan Sugar Corporation on the cheap: NT$ 37.2 billion
Estimated illegal profits for private consortiums generated by the Electronic Toll Collection (ETC): NT$ 3 billion
Government expenditure on Taiwan High Speed Rail (which was supposed to be covered by private consortiums): NT$ 482.9 billion
Kaohsiung Mass Rapid Transit scandal: NT$ 35.2 billion
Added to the list are the scandals involving in the Southern Taiwan Science Park earthquake engineering, the National Palace Museum construction project, and the National Space Organization facilities procurement.

The KMT reiterated that it began taking inventory of its assets in March 2000, when Lien Chan (now KMT Honorary Chairman) took over as Chairman. Former Chairman Ma Ying-jeou, while running for the party chairmanship, also made a public pledge to clear up KMT assets by 2008. The actions of these two former chairmen underscored their willingness to shoulder the responsibility in dealing with party assets. In addition to carrying on the work of dealing with KMT assets, incumbent Chairman Wu Poh-hsiung has been dedicated to the task of clarifying suspicions over the past and present situation of KMT assets. In other words, the KMT has always faced the issue in a candid manner.

KMT Spokesman Huang Yu-cheng urged the people to support the KMT’s “anti-corruption and return of state assets” plebiscite in the legislative election in 2008 and force the corrupt DPP government to return its ill-gotten booty back to the people.

Attachment : none