Switzerland returns frozen bribes to Taiwan
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Switzerland on Wednesday returned to Taiwan 34 million dollars out of a total 520 million dollars (391 million euros) frozen in Swiss banks following a giant corruption scandal involving the sale of French frigates to Taipei.
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(InfoWorld) - Taipei may have to rethink its China investment policies in the wake of an offer by a foreign group to buy the world's largest chip assembly company, Taiwan's Advanced Semiconductor EngineeringÂ (ASE). Part of the attraction of the deal is that by changing ownership, the company would cease to be Taiwanese, and therefore be allowed to invest in China as it pleases, pundits say. The trouble for many Taiwanese chip makers in recent years has been the tight leash Taipei keeps on technology investment bound for political rival China. Taiwan and China remain enemies after splitting in 1949 amid civil war. The island fears China could use chip technology to bolster its military capabilities against Taiwan. Despite the strained relationship and tough investment rules, China remains by far the favored destination for Taiwanese investment due to their shared language and culture, and China's lower costs and huge potential market. The deal for ASE, a $5.5 billion offer from a consortium led by the private equity firm Carlyle Group, would be a huge positive for ASE, transforming it into a foreign entity and allowing it to build chip assembly plants in China, according to Fubon Securities. Currently, ASE has no chip assembly investments in China, despite the fact that earlier this year Taipei gave a green light to chip makers to invest in low-end chip assembly. Despite the apparent opening, not a single application has been approved by Taipei, and companies remain unsure of how to proceed with such investment. Analysts argue that the approval process remains very much subject to politics in Taiwan, due mainly to the rivalry with China. A foreign takeover such as the one Carlyle and ASE are discussing would remove such political pressures and put China investments on the fast track. Indeed, theÂ embattled former chairmanÂ of chip foundry giant United Microelectronics, Robert Tsao, was quoted by local media as saying the possibility of such buy-outs excited him, and that UMC would welcome similar offers. Tsao is a prime example of the difficulties Taiwanese tech companies and executives face when investing in China. He and another key UMC executiveÂ resigned early this yearÂ after beingÂ indicted by Taiwanese prosecutorsÂ over their alleged role in the establishment of Chinese chip maker, He Jian Technology (Suzhou). The court case is still being heard. The government began investigating UMC over He Jian a few years ago, and fined UMC for failing to apply for permission to work with He Jian. Taipei has also leveled fines on UMC and He Jian executives. Tsao and his colleagues maintain that they have done nothing wrong. For its part, the government plans to review the possible ASE deal over its potential impact on the Taiwan Stock Exchange, since the company would likely be de-listed if it is purchased by Carlyle. Economics Minister Chen Ruey-long on Monday said Taipei needs to keep on top of the issue in case it becomes a trend, because such purchases could have long term effects on the economic development of the island. The review has nothing to do with China policy, he said.
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Switzerland becomes the first country to join a global scheme to recover cash looted by corrupt leaders.
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Thai tax authorities have seized assets worth about $34.2 million from family members of former Prime Minister Thaksin Shinawatra, an official said Thursday.
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Taiwan's high court cleared presidential candidate Ma Ying-jeou of corruption-related charges on Friday, boosting an election campaign that includes pledges to improve the economy and build ties with China.
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Some 21 billion yuan (2.5 billion dollars) has been returned to the national treasury after China's top audit body found rampant corruption in Communist Party and government departments.
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The United States returned ancient pottery, gold jewelry, burial shrouds and hundreds of other stolen pre-Columbian artifacts to Peru on Wednesday after they were seized in a Florida smuggling investigation.
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TAIPEI/HONG KONG  - HSBC  will receive T$47.5 billion (US$1.5 billion) in Taiwan government funds and make a major cash infusion to rescue the failed Chinese Bank, in the latest Taiwan acquisition by a major foreign bank.
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Geneva prosecutors acted within the law when they froze funds belonging to the Russian central bank at the behest of a Swiss firm, the country's supreme court said Thursday.
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Business & money: Swiss bank suspends 'handful' of traders suspected of overvaluing asset-backed securities
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Two pillars of Swiss nationhood are being tested Sunday &#151; citizenship and the post office.
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TAIPEI, Taiwan, Sept. 21 -- Vice President Annette Lu and two other senior figures from Taiwan's ruling Democratic Progressive Party were charged Friday with corruption and forgery, the latest in a series of scandals that have created turmoil in President Chen Shui-bian's independence-minded gove...
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Mainland sends eight suspects back to Taiwan    FUZHOU, May 30 (Xinhua) -- Eight criminal suspects were returned to Taiwan by the Fujian Provincial Red Cross Society here Wednesday.
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Swiss pacifists are demanding an end to arms exports and today released a flight of doves outside parliament in the capital, Berne, to draw attention to a call for a ban on arms exports. The action coincided with the handing-in of signatures for a people's initiative which will give the Swiss voters the final say on the issue.  The backers of the initiative chose World Peace Day to hand in 109,000 signatures they collected, and celebrated with a flag-waving rally on Parliament Square. "Swiss weapons kill - worldwide" the authors of the initiative say. They want to outlaw the export and transfer of all military material, including technology that can be used for the development, production and use of weapons.
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WASHINGTON -- A former high-ranking State Department official who is one of the nation's leading experts on China passed documents to Taiwanese intelligence agents and has been charged with concealing a trip to Taiwan, court papers allege.
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Text of report in English by Taiwanese Central News Agency website  [By Deborah Kuo]  Taipei, Feb.
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Taiwan welcomed yesterday Japan&#39;s decision to issue a visa to former president Lee Teng-hui ( æç»è¼ ), while China demanded Japan rescind the move and warned bilateral ties would worsen if Lee was allowed to visit.