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June 29, 2017

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Farglory cash dividend drops to NT$1.5 per share

TAIPEI, Taiwan -- Farglory Land Development Company's acting chairman Chao Wen-chia (趙文嘉) yesterday announced that the cash dividend distribution this year will be decreased from NT$3.5 to NT$1.5 per share.

Chao Wen-chia, who took the acting chairman position after his father, Farglory Chairman Chao Teng-hsiung (趙藤雄), was detained for alleged bribery, announced the news after the shareholders meeting.

Chao Wen-chia held a press conference for the first time after becoming the acting chairman of Farglory yesterday, and he apologized to the public together with directors of the company.

During the shareholders meeting, Chao Wen-chia said, a shareholder proposed to lower the cash dividend distribution this year from NT$3.5 to NT$1.5 per share in order to guard the constitution of the company and the shareholders' confidence in the firm.

Chao Wen-chia said that being in a management position at a company means he has to consider all types of situations the firm might encounter, so there should always be enough cash at the ready to deal with issues as they arise.

Ever since his father was detained, Chao Wen-chia said, he has been going through ups and downs emotionally, but he still manages to focus on all the projects and work of Farglory and finish all scheduled tasks.

Chao Wen-chia said that he will continue to supervise all the professional managers of firms under Farglory, just as his father Chao Teng-hsiung's expects of the company.

Chao Wen-chia suffered from liver cancer in the past, and he added that during a recent physical examination doctors told him that he currently has no major health issues that will affect his job performance.

Chao Teng-hsiung is being investigated on allegations of paying a bribe of NT$16 million through an intermediary to Taoyuan County Deputy Magistrate Yeh Shih-wen (葉世文) to win a public building contract, which Farglory won in April with a NT$1.3 billion bid.

The Taiwan High Court on June 1 retracted the ruling and transferred the case back to a district court. The Taipei District Court on the morning of June 2 ruled that Chao and Wei Chun-hsiung (魏春雄), a senior executive at Farglory, be detained and held incommunicado.

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