Ting Hsin International Group

Ting Hsin International Group
Native name
 頂新國際集團
Industry Food
Founded Yongjing, Changhua, Taiwan (1958 (1958))
Founder Wei Hede
Headquarters Taipei, Taiwan
Area served
 Greater China region
Key people
 Wei Ing-Chou, Wei Yingjiao, Wei Ying-chun, Wei Yingxing
Website www.tinghsin.com/tw/default.aspx
Ting Hsin International Group
Traditional Chinese 頂新國際集團
Simplified Chinese 顶新国际集团

Ting Hsin International Group (Chinese: 頂新國際集團; pinyin: Dǐnxīn Guójì Jítuán) is a Taiwanese-owned corporate group established in 1958.[1] It owns various food brands such as the instant noodle maker Master Kong, Wei-Chuan Food Corporation and Dicos.[2] [3][4]

In July 2009, it became the largest private shareholder in Taipei Financial Center Corporation, which owns Taipei 101.[5][6]

In August 2014, Ting Hsin acquired China Network Systems, a cable provider, from MBK Partners, Limited.[7]

Food scandals and boycott

In November 2013, Wei Ying-chun (魏應充), former chairman of three subsidiaries of Ting Hsin International Group, was indicted on charges of fraud as part of an investigation into the 2013 Taiwan food scandal. Wei Ying-chun is the third of four Wei brothers controlling the Ting Hsin group.[8][9]

On 9 October 2014, prosecutors launched an investigation into the 2014 Taiwan food scandal alleging a unit of Ting Hsin International Group over sale of tainted cooking oil. Prosecutor Tsai Li-yi said Ting Hsin unit Cheng-I Food Co. (正義股份有限公司) is being investigated over allegedly mixing animal feed oil with cooking oil and then selling it for human consumption.[10]

After the revelations, the Taiwan public boycotted Ting Hsin items, with a number of local governments, restaurants, traditional markets and schools refusing to consume the conglomerate's products.[11] On 16 October 2014, Ting Hsin announced that it will leave Taiwan's oil market and donate NT$3 billion toward food safety under the supervision of Ruentex Financial Group (潤泰集團) Chairman Samuel Yin (尹衍樑).[12]

The Changhua District Court granted a request to detain Wei Ying-chun on 17 October.[13] On October 21, prosecutors said according to Ting Shin's Vietnamese oil supplier Dai Hanh Phuc, the majority of animal feed-grade oil imported by Ting Shin may be used in the China market.[14] In response, consumers in China called for a united boycott against Ting Hsin products.[15]

In November 2014, Ting Hsin's products were tested for Agent Orange since an unnamed source told authorities that the oil Ting Hsin imported from Vietnam may contain traces of the herbicidal weapon.[16]

In November 2015, six former managers of Ting Hsin International Group, including former executive Wei Ying-chun, were found not guilty. The verdict attracted immediate criticism from both the public and politicians.[17][18]

References

  1. ↑ "Company Overview of Ting Hsin International Group". Bloomberg News. Retrieved 2013-05-30.
  2. ↑ Wang, Joy (1 April 2011). "Unilever, Ting Hsin delay hike in China". Shanghi Daily and RetalInAsia.com. Retrieved 2013-05-30.
  3. ↑ https://web.archive.org/web/20090106131354/http://www.flex-news-food.com/pages/10352/China/Noodle/ting-hsin-open-hundreds-china-noodle-outlets.html. Archived from the original on January 6, 2009. Retrieved October 28, 2009. Missing or empty |title= (help)
  4. ↑ "Ting Hsin eyes Taipei bourse listing". Taiwan Today. 9 June 2009. Retrieved 24 August 2014.
  5. ↑ Huang, Joyce (9 July 2009). "Ting Hsin International interested in more of TFCC". Taipei Times. Retrieved 24 August 2014.
  6. ↑ "Ting Hsin is largest Taipei 101 shareholder". The China Post. 17 July 2009. Retrieved 24 August 2014.
  7. ↑ Chen, Kevin (25 August 2014). "Ting Hsin Group agrees to buy CNS". Taipei Times. Retrieved 25 August 2014.
  8. ↑ Fuchs, Chris (20 November 2013). "Tainted by scandal". Taipei Times. Retrieved 17 December 2013.
  9. ↑ Russell Flannery. "Wei Yin-Chun". Forbes. Retrieved 29 November 2015.
  10. ↑ "Taiwan prosecutors probe Ting Hsin unit alleging it sold tainted cooking oil". AsiaOne. Retrieved 29 November 2015.
  11. ↑ "EDITORIAL: Ting Hsin likely won't feel the pinch". taipeitimes.com. Retrieved 29 November 2015.
  12. ↑ Ting Hsin leaving Taiwan oil market
  13. ↑ "Ex-chairman of troubled oil maker detained". focustaiwan.tw. Retrieved 29 November 2015.
  14. ↑ "越南噁油不只銷台灣 奸商自爆「中國是主力市場」". ltn.com.tw. Retrieved 29 November 2015.
  15. ↑ China calls for Ting Hsin boycott
  16. ↑ Ting Hsin oil allegedly contains Agent Orange
  17. ↑ "Wei Ying-chun found not guilty". Taipei Times. Retrieved 29 November 2015.
  18. ↑ "EDITORIAL: Evidence required for fair verdicts". Taipei Times. Retrieved 29 November 2015.
This article is issued from Wikipedia - version of the 11/16/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.