Taiwan Asset Management Corp. chair resigns amid cronyism accusations

Taipei, Former Minister of Labor Lin Mei-chu (???) submitted her resignation within 24 hours of being appointed chairperson of state-funded Taiwan Asset Management Corp. (TAMC) Wednesday and her offer has been accepted, a Cabinet spokesperson said Thursday.

TAMC, the nation's largest bad loan operator, approved Lin's appointment as its chair at an interim board meeting Wednesday but the decision sparked speculation that Lin was appointed because she is President Tsai Ing-wen's (???) cousin.

Lin tendered her resignation Thursday, citing personal reasons, an official with the Ministry of Finance said, adding that the ministry respects her decision.

Meanwhile, Cabinet spokesperson Kolas Yotaka(???????) said it was regrettable Lin chose to resign, adding that despite her eminent qualifications for the post the Cabinet agreed to Lin's resignation to protect her from further criticism.

Lin stepped down as labor minister in February citing health reasons and took the post as TAMC chair Wednesday.

The Cabinet approved Lin's appointment in October, but the president was not briefed on the matter and it was unfair to call it a political appointment just because Lin is a relative of the president, Kolas said in a statement issued earlier Thursday.

Lin's appointment was based entirely on professional considerations, Kolas added.

Lin has served as a public official in various government agencies, including the finance ministry, and has experience in the fields of corporate governance and asset management, Kolas said.

Source: Focus Taiwan News Channels