Taiwan
Oct 29 (Reuters) -
Taiwan's finance minister said on Wednesday that Ting Hsin International Group
has become a high risk enterprise and lending to the embattled food maker
should be restricted.
Ting Hsin is at the
center of a major food safety scandal in Taiwan for allegedly selling
tainted oil meant for animal and industrial use as fit for human consumption.
Prosecutors in Taiwan
Ting Hsin is the parent company of Hong
Kong-listed Tingyi Cayman Islands Holding Corp and makes China
Public outrage on the island has been
intensifying and pressure has been growing on the Wei family to step away from
its various investments, including its management positions at Taipei Financial
Center Corp, which runs the iconic 101 Taipei
Taiwan Finance Minister Chang
Sheng-Ford, speaking to lawmakers in a parliamentary committee session, said
that Ting Hsin has become a high risk enterprise, therefore no new credit
should be extended to Ting Hsin and any existing borrowing should be backed by
collateral if it is not already.
Ting Hsin should also bear higher
interest rates in any borrowing, he said.
"Ting Hsin has no social
responsibility," Chang said.
Ting Hsin's unit, Cheng-I Food Co, is
already being investigated on suspicion of mixing animal feed oil with cooking
oil and selling it for human consumption, prosecutors have said.
Officials at Ting Hsin could not be
reached for comment immediately.
In September, another company, Chang Guann
Co, said it had sold adulterated cooking oil to restaurants, schools and food
processors.
(Reporting by J.R. Wu; Editing by Kim Coghill)
Website:
Structure:
What: Taiwan
Why: Ting Hsin sold tainted oil
Keywords:
Embattled (a)四面楚歌
Allegedly (adv)據稱
Prosecutor
(n)檢察官
Detain
(v)拘留
Intensify (v)強化
Parliamentary (n)議會
Collateral
(n)抵押
Ting Hsin is the shame of Taiwan.
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