PCG calls for court control of Sogo

Pacific Sogo founder, Chang Min-chiang, who lost control of the company due to financial troubles, held a press conference to clarify that Pacific Construction, not his family, still retains a 13 percent stake in the retailing company.

Chang and his son asked the court to appoint an objective third party to take over the daily operations of Pacific Sogo for the time being.

The ownership and management of Pacific Sogo was transferred to investor, Lee Heng-lung, of Sogo Pacific Liutong Investment Co., and then to chairman Douglas Hsu of the Far Eastern Group.

But the ownership held by Far Eastern was nullified 10 days ago by the Ministry of Economic Affairs (MOEA) and the company was restored to Lee — although Hsu's group injected NT$4.11 billion to stave off the company's financial crisis years earlier.

Far Eastern is appealing the MOEA's administrative ruling.

MOEA officials said the ownership of Pacific Sogo has to be sorted out by parties holding stakes in the company.

Chang said there is a need for court intervention as he alleged that Hsu and Lee could take actions detrimental to the interests of Pacific Construction.

But he also said that he is willing to talk with Hsu and Lee to work out the ownership controversies.

Hsu declined to comment on the ownership issue yesterday, saying he was concentrating only on a blood donation drive to mark the 60th anniversary of the Far Eastern Group.

He said the staff members at all affiliated enterprises of the group will donate 600,000 cc of blood between them on a single day.

The group has also set up blood donation stations at 12 branches of Far Eastern Department Store around the island to accept donations from the public to help replenish the nation's blood banks to meet emergency needs during the forthcoming long Chinese New Year holidays, Hsu said.

Each blood donor will be rewarded with 600 points they can trade in for price discounts at retailing stores of the Far Eastern Group, he added.

After assisting five schools damaged by typhoons and floods last August complete reconstruction work, Hsu expressed the hope that his group will help collect 6 million cc of blood from staff and the public between Feb. 9 and 12.

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