2001 Maritime
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May 7, 2001

Taiwan yard "faces bankruptcy"
Reports in the Taiwanese press say that China Shipbuilding Corporation (CSBC) may go bankrupt before the end of the year.

The company continues to pile up losses.

"The CSBC is likely to run out of its capital at the end of this year ... and may become the first state-run enterprise to go bankrupt," Lin Shih-chi, a member of the Control Yuan which is Taiwan's highest ombudsman body is quoted as warning

Taiwan's Commission of National Corporatyion's has proposed a "rebirth proect" that would see all CSBC's current 5,000 employees being laid off, with 53% subsequently being reemployed. But the plan would involve a Taiwan $24.7 billion (about US $ 753 million) infusion of government money.

Meantime, the "rebirth project" faces political opposition from ruling Democratic Progressive Party chairman Frank Hsieh because of fears it would aggravate the unemployment problem in southern Taiwan. Hsieh is mayor of Kaohsiung, home of the shipyard.

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