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Gold/Mining/Energy : An obscure ZIM in Africa traded Down Under -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (290)	9/12/2002 1:37:19 AM
From: TobagoJack	Read Replies (1) \| Respond to of 867

Hi Jay, I expect another USD 54 bil of capital flight from Taiwan in short order ... china.scmp.com Thursday, September 12, 2002 Showdown looms over bill to allow seizure of KMT's $54b assets REUTERS in Taipei Taiwan's cabinet approved yesterday two bills that will allow the government to seize assets of the once-formidable Kuomintang, one of the world's richest political parties with assets worth NT$53.75 billion (HK$12.2 billion). A legislative showdown over the bills is expected between President Chen Shui-bian's ruling Democratic Progressive Party (DPP) and the KMT. The bills need the approval of the 225-seat Legislative Yuan, where the KMT and the People First Party have a razor-thin edge. Lawmakers reconvene on September 24 after a three-month recess. One of the bills requires all political parties to declare their assets annually and prove their legality. Failure to do so would lead to government seizure. The KMT put their total assets at NT$53.75 billion by the end of August of last year and deny charges that much of them were illegally obtained. The second bill bans all political parties from investing in real estate and businesses, including television and radio stations. If the Legislative Yuan passes the bill, political parties would have two years to pull out or put the investments in a trust. Soldiers would also be banned from taking part in any party activities as part of efforts to de-politicise the island's 400,000-strong armed forces. Minister-without-portfolio Yeh Chun-jung said the bills, were not targeted at any particular party. KMT spokesman Tsai Cheng-yuan accused the DPP of "settling an old score". The party's real estate holdings are worth NT$8.84 billion and the net worth of KMT-owned businesses is NT$40.57 billion. The rest are in bank deposits, stocks and bonds. It has stakes in 200 firms, ranging from securities brokerages to hotels, television networks and newspapers. The KMT has pledged to put their assets into a trust.