According to reports from Taiwan's media, a controversy has erupted over an investment of nearly NT$20 million from Taiwan's National Development Fund into a company where the daughter of former Taiwanese administrative head Su Tseng-chang holds a directorship. The investment has drawn accusations of a lack of proper due diligence and potential conflicts of interest.
Lin Tzu-yu, a candidate for the New Taipei City Council from the Taiwan People's Party, alleged that Su Chiao-chun, the sister of Democratic Progressive Party (DPP) New Taipei mayoral candidate Su Chiao-hui and a director and chief operating officer of Kuang Shih Intelligent Co., Ltd., received an investment of NT$19.999 million from the National Development Fund while her father, Su Tseng-chang, was serving as the head of the executive branch. Lin questioned whether proper procedures to avoid conflicts of interest were followed.
In response, Kuomintang (KMT) legislator Yeh Yuan-chih also criticized the move, questioning the fund's vetting process. "Did the National Development Fund not conduct any background checks before making this investment?" Yeh asked. "Or is it that anything goes as long as your surname is Su?"
The allegations were made public during a recent press conference held by the Taiwan People's Party's legislative caucus. Lin Tzu-yu accused Su Chiao-hui's family of engaging in "family alchemy," suggesting the leveraging of political connections for financial gain. During a live stream on May 27, Lin further claimed that the Su family operates a "Beyond Foundation," currently led by Su Chiao-chun as CEO. Lin alleged that three current directors of this foundation have long been involved in securing government tenders at both central and local levels in Taiwan, even actively participating during a major recall campaign. Most notably, Lin stated these directors have secured government contracts through restrictive tendering processes, with one director allegedly obtaining NT$40 million in contracts over a decade.
Lin also pointed out that Su Chiao-chun assumed her roles at Kuang Shih Intelligent Co., Ltd. on August 24, 2021. The company subsequently received the NT$19.999 million investment from the National Development Fund in November 2022, a time when her father, Su Tseng-chang, was the administrative head. The investment amount was just NT$1,000 short of the fund's maximum limit of NT$20 million for such projects.
Furthermore, Lin highlighted that the "Micro Stock Power" platform operated by Kuang Shih Intelligent was embroiled in a scandal just one month before receiving the investment, involving a fraud case that led to a conviction.
Following his own live stream on May 27, KMT's Yeh Yuan-chih posted on Facebook, expressing disbelief that Su Chiao-chun's company could secure such a substantial investment from the National Development Fund while her father led the executive branch. "The head of the executive branch at that time was her father, Su Tseng-chang. There was no attempt to avoid even the appearance of a conflict of interest!" Yeh criticized. He added that it was even more outrageous that the "Micro Stock Power" platform, reportedly the company's sole revenue source, had been used by criminals for investment fraud. "Did the National Development Fund conduct no background checks before investing?" Yeh reiterated. "Or is it truly that anything is permissible if your surname is Su?"
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