Word: kmt
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...trying to protect its assets, the KMT can hardly claim to hold the moral high ground. The origin of its business empire traces to the end of World War II, when Kuomintang troops, then battling communist rebels for control of the Mainland, landed in Taiwan and grabbed hundreds of properties and buildings from the defeated Japanese. After being routed by Mao's troops in 1949, the Kuomintang fled to Taiwan and established its government in exile, setting the stage for what one local newspaper described as a "five-decade looting spree", in which the party found it difficult to distinguish...
...claims it's not targeting a particular group. But Chen's controversial bid to strip the KMT of its revenue base is, of course, political. Of Taiwan's four major parties, only the KMT has anything to lose. Outsiders are not privy to the party's inner workings, but there's no doubt profits from its enterprises?which include China Petrochemical Development Corp, Broadcasting Corporation of China, and Fuh-Hwa Financial Holdings Co.?are converted into political currency to the detriment of opponents...
...KMT has vowed to fight the bills in parliament where, with the support of a splinter party, it holds a razor-thin majority. Party chairman Lien Chan blasted the proposed legislation as an act of "political liquidation" designed to deflect attention away from Taiwan's stalled economy and Chen's inability to establish meaningful dialogue with the nation's chief adversary, China...
...Indeed, public perception of the KMT as a party of self-interested fat cats contributed to its defeat at the polls two years ago. The current publicity over its rich holdings is not helping matters. An organization that once boasted 2.5 million members has suffered a mass exodus since losing power; growing public anger over the KMT's reluctance to reform promises to further erode a dwindling support base. "The party is in serious trouble," says Bruce Jacobs, a professor in Asian studies at Australia's Monash University. "Its future is now in question...
...damage. Lien, the chairman, told reporters in Taipei recently, "we hope to begin building a new image." Step one is to blunt President Chen's latest attack. On Sept. 25, Lien pledged to put the party's assets into a foreign-managed trust fund. In addition, he said the KMT would be willing to hand over to the government 110 parcels of land and 42 buildings, worth a total of $23 millionthat it says were "gifts" from generous benefactors. Lien dismissed allegations that the assets were illegally acquired. The DPP responded by stating that a trust would still allow...