Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Taiwan tycoon says he does not support independence after China fine

Published 30/11/2021, 06:01
Updated 30/11/2021, 06:05

TAIPEI (Reuters) - The chairman of a Taiwanese conglomerate said on Tuesday he does not support independence from China after Beijing fined his company in an apparent warning to it and other businesses to tow the mainland's line on its sovereignty claims.

China took aim last week at Taiwan's Far Eastern Group, which has interests ranging from hotels to petrochemicals, for a series of problems, from tax to fire safety, with fines totalling 474 million yuan ($74.4 million).

While China has not directly said the company is guilty of supporting independence for the Chinese-claimed island, government statements on the fines have warned Taiwanese firms they could not expect to operate in China and support independence.

In an open letter to Taiwan's United Daily News, Far Eastern Chairman Douglas Hsu said that "under the current political atmosphere in Taiwan" certain public opinions put "a sense of guilt" on Taiwanese firms investing in China, which was unnecessary.

In recent years, many opinion polls showed most Taiwanese support maintaining the current status quo across the Taiwan Strait, he said.

"Like most Taiwanese, I hope that cross-strait relations 'maintain the status quo.' I have always opposed Taiwan independence," he said.

Hsu said while Taiwanese companies were unable to resolve the political difficulties, they have always hoped for peace and "normal exchanges and interactions".

China has heaped pressure on the island to accept Beijing's rule. Taiwan President Tsai Ing-wen says Taiwan will not bend to pressure, and that she will defend Taiwan's democracy and freedom.

China said earlier this month it would hold those who support the island's formal independence, including companies, criminally liable.

Asked to comment on Hsu's remarks and if he had been forced into making them by China, Taiwan Premier Su Tseng-chang told reporters that China was "always rude and unreasonable, and does not understand democracy, plurality or respect".

Even China's own business elites could be vanished or punished, he added.

"It's even the case for the prettiest female stars," Su said, in possible reference to tennis player Peng Shuai, whose whereabouts have caused international concern after she alleged that a former top Chinese official had sexually assaulted her.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.