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Taiwan: CEOs of Bankrupted Companies Get Nothing

Ming Pao Daily, Posted: Dec 23, 2008

HONG KONG As economic recession hits Taiwan, many companies are going into bankruptcy and applying for a government bailout. The Ming Pao Daily reports that Taiwan legislators passed a new law Sunday that details the requirements for government bailout. According to the new law, CEOs and board members of those companies cant use the bailout funds to pay themselves salaries or any other payment, and they cant lay off employees during the same time period. Statistics from Taiwan's government shows that the unemployment rate in Taiwan hit a five-year record high of 4.64 percent in November. About 202,000 Taiwanese got laid off in last month.


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