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Article: TAIWAN'S GOVERNMENT TAKES OVER TROUBLED HIGH-SPEED RAIL COMPANY.
- Article from:
- AsiaPulse News
- Article date:
- November 11, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TAIPEI, Nov 11 Asia Pulse - Public stakeholders seized nine of 15 seats on the board of directors and supervisors of the troubled Taiwan High-Speed Rail Corp. (THSRC) Tuesday, allowing the government to take control of the debt-ridden company.
Earlier, THSRC called a provisional meeting of its shareholders, in which the board's seats went up for election despite of the fact that the tenure of the incumbent board directors will not expire until August 2010.
The election was called because the company has been in serious financial straits, which drew the government to intervene in its management. The election was aimed at justifying the government's right ...