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Secretariat, Taipei City Government

City News

Regarding MOEAIC’s Rejection of a Team Comprised of Nan Hai Development and Malaysian Company METON’s Application to Invest in C1/D1 Land Development Project, DORTS Respects MOEAIC’s Resolution and will Follow up Handling of Related Operations in Accordance with the Law

The Investment Commission, Ministry of Economic Affairs (MOEAIC) in the afternoon of June 26 convened a review meeting of a team comprised of Nan Hai Development and Malaysian Company METON’s application for C1/D1 land development project. In accordance with the Statute for Investment by Foreign Nationals, Article 7 regulations, the committee determined that the investment would have an adverse impact on national security, and the application was, therefore, rejected by the resolution of the committee. The results of this review can only be respected, and related tasks will be handled in accordance with the requirements for selection in order to accelerate the advancement of this development project.

 

According to data in the press statement released by MOEAIC, the application was rejected in accordance with the Statute for Investment by Foreign Nationals, Article 7 regulations, which restrict investment from “businesses which adversely affect national security, public order, good customs or national health.” Statute for Investment by Foreign Nationals is applicable to foreign legal persons and legal persons from the Hong Kong and Macao regions, and because the applicant is not an investor from mainland China, this is consistent with results of the government’s qualification review.

 

Regarding MOEAIC’s dismissal of the applicant’s investment in the project on the grounds that it would be detrimental to national security, MOEAIC should be requested to publicly state the reasons for their decision and the statutory basis. They should also accept social evaluation in order to avoid legal disputes and obstruction to the following-up of the case.

 

In accordance with the requirements of the investor selection document for this case, which were publicly announced by DORTS in March 2018, international tender is adopted to ensure the smooth progress of the case, and foreign companies are required in accordance with the Statute for Investment by Foreign Nationals to obtain applicants with the top qualifications and obtain approval from MOEAIC for consent to establish companies for projects before signing contracts with Taipei City Government. If the best applicant is unable to establish a project company within the prescribed time limit and sign a contract with Taipei City Government, the applicant will lose its qualification as the top applicant. In accordance with investor notification requirements, after the report is ratified by the government, DORTS will notify the second best applicant of the vacant position or conduct public solicitation of investors again.