Ting Hsin leaving Taiwan oil market

Ting Hsin leaving Taiwan oil market

TAIPEI, Taiwan - Ting Hsin International Group announced yesterday afternoon that it will leave Taiwan's oil market and donate NT$3 billion (S$125 million) toward food safety under the supervision of a third party - Ruentex Financial Group Chairman Samuel Yin.

Ruentex Financial Group held a press conference yesterday, with Ting Hsin Chairman Wei Ying-jiao and former Wei Chuan Foods Corporation Chairman Wei Ying-chung in attendance.

The Wei brothers first bowed and apologised for causing concern among the public and stated that they are willing to face the people on behalf of Ting Hsin.

"I am aware that no matter what actions we take and how hard we try, it is hard for the company to regain its reputation under these circumstances," said Wei Ying-jiao.

He continued by saying that since no one wants to trust them anymore, he would like to invite Yin, who loves Taiwan and has a good reputation, to be the supervisor keeping an eye on Ting Hsin's payments as well as the interim convener in the establishment of a new independent local food safety innovation committee.

Wei also stated that the NT$3 billion donation will go to the government or social welfare organisations working on food safety issues, hoping to recover Taiwan's reputation as a food producer.

In addition, Wei Ying-jiao promised that Ting Hsin will take all necessary responsibility, starting with repaying consumers full refunds based on the requests of local governments and relevant authorities.

Yesterday evening, Wei Ying-chung was summoned by the Changhua District Prosecutors Office for questioning. Prosecutors have already inspected the Wei Chuan headquarters as well as Wei Ying-chung's residence to collect documents and evidence for further inspection. Prosecutors ended the search at 2 pm. and decided to summon Wei to be questioned in the evening.

Come up with Potential Solution in a Month: Yin

"I am an amateur in the food industry, but I am willing to make some efforts for the food safety issue," said Yin.

Yin stated that since he is an amateur in the food industry, he will invite experts from various fields to deliberate the issues. He also promised that he will come up with some potential solutions to improve current situation in a month.

As for the question of whether he will take over the operation of Wei Chuan, he said that he had never considered it.

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