Kuomintang to sell businesses next June

TAIPEI, Taiwan - The ruling Kuomintang has worked out a reform plan that will cut itself from its problematic assets.
KMT Secretary General King Pu-tsung said yesterday that the party will put its businesses on sale by June 2010.
The party, which will stop operating profit-seeking businesses, will turn itself into an election apparatus running campaigns on outside donations, it said.
Its staff size will be streamlined, cutting down on personnel expenses that currently amount to NT$1.5 billion (S$65.4 million) a year, he said.
King, who has just taken the KMT post, said one of his major responsibilities is dealing with the party's assets.
King said it is against the trend of democracy for a political party to run businesses.
"Dealing with the assets is key to the KMT's reform and transformation," King said ahead of presenting his plan to the party's decision-making Central Standing Committee.
"It is not just about society's criticism and negative impressions, as most importantly if we don't change, the KMT will not develop in a sustainable way," he said.
The opposition has accused the KMT of amassing the wealth by stealing from the nation.
The KMT has already sold off some of its businesses, but some critics have alleged that China investment was involved in the transactions.
Asked if the party will block China investment in the upcoming sales of assets, King said the KMT will consider public opinions and avoid unnecessary doubts.
He said the party needs to first sell off its businesses before it can go on to work out a detailed plan to streamline its personnel.
At present the KMT needs stability in terms of personnel to facilitate the upcoming legislative by-elections, the secretary general said.
He said another major challenge for him is the elections that will take place in the five special municipalities at the end of next year.
He said the party has already started preliminary preparations for the elections, but he declined to say whether the KMT will hold a primary or directly appoint its candidates.
But King stressed the nomination process will be transparent and all contenders will find it fair.