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BackQueshi Intelligence Case" National Development Fund will strengthen the interest avoidance mechanism and encourage proactive disclosure of related parties
Queshi Intelligence Case" National Development Fund will strengthen the interest avoidance mechanism and encourage proactive disclosure of related parties
Politics
自由时报13 minutes agoPolitics2 min readChinaView original

Queshi Intelligence Case" National Development Fund will strengthen the interest avoidance mechanism and encourage proactive disclosure of related parties

National Development FundQueshi IntelligenceSu Qiaochun

Quick Look

  • The Kuomintang League questioned whether the National Development Fund's investment in Kuangshi Intelligent Company run by Su Qiaochun involved the transfer of interests.
  • The National Development Council responded that it had reviewed the application in accordance with regulations and announced that it would proactively remind applicants during the application stage to disclose whether they are involved in persons related to the Public Officials’ Conflict of Interest Avoidance Act in order to strengthen the prevention mechanism.

AI-generated summary

Why It Matters

The Kuomintang group accused the National Development Fund of involving a high premium in its investment in a company run by Su Qiaochun. The National Development Council emphasizes that investments are handled in accordance with professional review procedures.

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The Kuomintang Legislative Yuan caucus held a press conference today, alleging that the "Kueshi Intelligent" company run by Su Qiaochun, the daughter of former Executive President Su Tseng-chang, first increased its capital at a low price, and then was taken over by the National Development Fund and Taiwan Enterprise Bank at a high premium. A press release issued by the National Development Council in the evening pointed out that in the future, the National Development Fund and Angel Investment Program will take the initiative to remind applicants to pay attention to whether they involve related parties specified in the "Public Officials' Conflict of Interest Avoidance Act" in the future, and encourage applicants to proactively disclose relevant information.

In response to external concerns about China Development Fund's investment in Kuangshi Intelligent Company, China Development Fund issued a press release on May 26, detailing the investment background, review procedures and post-investment management.

Regarding the Kuomintang Legislative Yuan group's request that the National Development Foundation release all information about Queshi Intelligent Company within 24 hours, the National Development Foundation has previously provided the information required by congressional members in accordance with relevant laws and regulations, and has cooperated with the audit and supervisory agencies to provide relevant documentary information. The National Development Fund respects the supervision of Congress and will continue to cooperate with relevant agencies in legal inspections and inspections under the premise of complying with laws and information protection standards, taking into account the transparency of government information and the legitimate rights and interests of enterprises.

In order to further strengthen the investment review process, the Future National Development Fund and the Venture Capital Association, which assists in handling entrepreneurial angel investment programs, will proactively remind applicants to pay attention to whether there are related parties specified in the "Public Officials' Conflict of Interest Avoidance Act" during the application acceptance stage, and encourage applicants to proactively disclose relevant information to strengthen the identification and prevention mechanism of conflicts of interest.

The National Development Council emphasizes that all investment cases of the National Development Fund are handled in accordance with relevant laws and regulations, and are professionally reviewed by a review committee composed of external experts and scholars to ensure the prudence and rationality of investment decisions. In the future, we will continue to implement the post-investment management mechanism, understand the corporate governance, operational development and capital utilization of the invested enterprises, safeguard the government's investment rights and interests, and maximize the benefits of policy investment.

The National Development Fund respects external supervision of government investment and hopes that all sectors of society will give Taiwan's new ventures space for reasonable development and continued growth based on objective facts and legal supervision.

Open Questions

  • What are the specific capital increase and premium details of Queshi Intelligent Company?

Related Topics

National Development Fund
PeopleSu ZhenchangSu Qiaochun
OrganizationsKuomintang Legislative Yuan CaucusTaiwan Enterprise Banknational development council
TopicsQueshi IntelligenceSu QiaochunKuomintangconflict of interestnational development council
This article was originally published by 自由时报.

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