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March 28, 2017

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Kuomintang declares discovery of NT$38.5 billion in US gold bonds

The opposition Kuomintang (KMT) said Friday that it had discovered U.S. gold bonds currently valued at NT$38.5 billion dollars (US$1.25 billion) among its party assets.

The announcement was made by KMT Administration and Management Committee Director Chiu Da-chan at a press conference in Taipei.

He said the bonds were discovered when the party was taking stock of party assets in line with government directives.

Chiu said that the unredeemed bonds issued in 1947 were payable to the Republic of China government and were evidence that the party had contributed to helping the country through hard times by buying the bonds.

The party said it used its own gold to pay a number of U.S.-issued bonds and had not requested that the state pay off the debt immediately.

The gold bonds were later registered in February 1989, according to party property records, and are currently in the keeping of CTBC Commercial Bank.

The KMT said that the principal and non-interest government bonds were valued 1.04 million and 2312.0143 ounces (32,419 kg) of gold, now valued at approximately NT$38.5 billion.

Following the announcement, the Ill-Gotten Party Assets Settlement Committee said it would wait for the KMT to declare the assets before processing them.

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