icon
kmt logo block 正體中文 | 日本語
block
new icon  
img
title img
about kmt KMT Introduction Chairman's Biography Organization History Charter block
block
img
block block block KMT News block General News block Editorials block Survey block Opinions block block
header image

Tsai Gov’t Rejects HK-Based Nan Hai Corp. for Taipei Twin Towers Project Owning to National Security Concerns

icon2019/06/27
iconBrowse:171

 Tsai Gov’t Rejects HK-Based Nan Hai Corp. for Taipei Twin Towers Project Owning to National Security Concerns

 

Source: UDN

June 27, 2019

At the end of last year, the team comprised of Hong Kong-based Nan Hai Development Ltd. and Malaysia-based Malton Berhad won Taipei City Hall’s tender for the Taipei Twin Towers project. In January this year, the two companies filed an application with the Investment Commission under the Economics Ministry to establish Nan Hai Development Ltd., Taiwan, for the project. After a half-year review, the Commission rejected the application yesterday owing to national security concerns as Nan Hai Corporation Limited, the parent company of HK-based Nan Hai Development Ltd., had a strong link with the Mainland market. The Commission’s rejection was tantamount to denying Nan Hai’s investments in the Twin Towers project.

The Commission explained that a majority of Nan Hai Corporation Ltd.’s employees and business operations were on the Mainland, so in accordance with Hong Kong Financial Reporting Standards, Nan Hai Group should be deemed as a Mainland Chinese-funded enterprise, not HK-funded. In addition, given that the Taipei Twin Towers would be located in a specially designated area of the Taipei Main Station, a major transportation hub in the Greater Taipei area, with the Taipei MRT system, railways, the High Speed Rail, and an inter-city bus station, the Commission opined that the investor might undermine national security, so it decided to reject Nan Hai’s application in accordance with Article 7 of the Statute Governing Investments by Foreigners, the Commission concluded.

 

iconAttachment : none 


Copyright©2024 Kuomintang Address: No.232~234, Sec. 2, BaDe Rd., Zhongshan District, Taipei City, Taiwan (ROC)  
image