Wu Nai-jen: Wu family will totally exit Taiwan Styrene Monomer Corp

吳乃仁：吳氏家族將全面退出台灣苯乙烯公司

Former DPP secretary-general Wu Nai-jen announced that his family will relinquish their positions in Taiwan Styrene Monomer Corp, following criticism that the company has become Wu’s 'family business'


TAIPEI (Taiwan News) -- Former Democratic Progressive Party (DPP) secretary-general Wu Nai-jen (吳乃仁) announced on Sunday that his family will totally relinquish their positions in Taiwan Styrene Monomer Corp (TSM), where two groups are fighting to control the company, following criticism that the company has become Wu’s "family business."

Wu made the statement following an earlier announcement on Dec. 14 that he would quit the DPP.

Apple Daily reported that two groups, led respectively by Sun Tieh-han (孫鐵漢) and former company chairman Lin Wen-yuan (林文淵), have been fighting for control of TSM for the past three years.

Wu reportedly mediated between the two groups and brought the boardroom battle to an end. Sun’s group finally obtained twice as many seats on the board of directors as Lin’s group did. With the support of Sun and Lin, Wu’s daughter, Wu Yi-qing (吳怡青), was elected as chairperson of the board, to last until April 2019. His son, Wu Yi-han(吳怡翰), also serves as a director of the board.

Lin reportedly said he respected the Wu family’s decision to exit the company, while adding that his goal is to get a majority of board seats in the next election for board members, which the board has decided to move up to Jan. 31, 2019.

Sun said that the exit of the Wu family from the company will simplify the company’s elections for Board of Directors, adding that he is still a good friend of Wu Nai-jen, according to news reports.