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TAIWAN HIGH-SPEED RAIL CORP TO PUBLISH NEW FINANCIAL PLAN.
TAIPEI, Nov 1 Asia Pulse - The Taiwan High-Speed Rail Corp. (THSRC) will publish its new financial plan in mid-November, THSRC Chairperson Nita Ing told CNA Monday.
She said the new financial plan will not become big news. The major construction project, for which she is responsible, has become a "near-scandal" after she announced a delay in the launch of services for a whole year until the end of Oct., 2006 and the government ordered two public foundations to pour in new money to save the financially troubled corporation.
Asked if THSRC will need further new investment before it launches services, she did not give a clear answer, saying only that "the financial plan is not yet finalized."
The NT$7.5 billion (US$223.7 million) that the government-subsidized China Aviation Development Foundation and China Technical Consultant Inc. (CTIT) Foundation were told to invest in the BOT (build, operation and transfer) project became the focus of controversy, with both the media and opposition party lawmakers questioning what happened to the largest BOT project in Taiwan's history and some experts expressing worry that it might become a financial abyss that the government will be forced to fill up with taxpayers' money.
Ing said she knew CTIT not happy about being "forced" to make the investment to make up for THSRC's financial shortfall.
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