TAIPEI, Taiwan — The opposition Kuomintang (KMT) remains the island's richest political party last year, with NT$18.1 billion (S$815 million) in reported assets, according to its financial statements, local media reported Monday. This is despite the party posting losses totalling NT$800 million since 2015, according to the Taipei Times. Since 2006, political parties and organisations are required to disclose their financial statements in accordance with the Guidelines for the Financial Declarations of Political Parties and Political Organisations. The KMT insists the legislation on "ill-gotten political party assets" passed in July last year is a "political witch-hunt" by the ruling DPP designed to strip the KMT of its assets. The DPP, however, maintains the law is necessary to level the electoral playing field for political parties.

Source: The China Post July 17, 2017 06:00 UTC