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September 24, 2017

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Chairman detained but it's business as usual at Taipei 101

Taipei 101, formerly the world's tallest building, will maintain normal operations after its chairman was taken into custody in a financial scandal, said Wei Ying-chiao, interim chairman, yesterday.

Wei had been the vice chairman of Taipei 101, representing Ting Hsin Group, which is the biggest private stakeholdeer in the firm's shareholder structure.

On Thursday, Taipei 101 Chairman Lin Hung-ming was taken into custody after being accused of embezzling funds from another company. Yesterday, the company cancelled an extraordinary shareholders' meeting that it had scheduled earlier. Wei, however, was still selected as the interim chairman of Taipei 101.

Soon after his new position was announced, Wei convened an internal meeting to boost company morale.

Lee Chuan-wei, Ting Hsin spokesperson, cited Wei as saying during the meeting that the operations of Taipei 101 will stay normal, and that he will devote a lot of his time to protect the interest of the firm and shareholders.

"It looks like Wei will get his hands full, now that he is in the center of Taipei 101's policy-making," Lee said.

Separately, Chang Sheng-ho, Minister of Finance, said his ministry will find the new chairman of Taipei 101 as soon as possible. The government holds a majority stake in the firm.

"Even though finding the right person may take some time, we'll complete this task as soon as we can to protect the government's stake in Taipei 101," he said.

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