Taiwan fines Foxconn for unauthorized investments in China
Foxconn has been imposed to a problem by Taiwan now. The company is fined for unauthorized investments in China.
This time, Foxconn came up with some unpleasant issues. The company has allegedly made some attempts in China and there has been a backlash against these attempts. Taiwan's administration said on Saturday it would fine Foxconn (2317.TW), the world's biggest agreement gadgets producer, for an unapproved interest in a Chinese chip creator even after the Taiwanese firm said it would sell the stake.
Taiwan fines Foxconn for unauthorized investments in China
Taiwan is tightening its laws to stop what it claims is China stealing its chip technology and has turned a cautious eye toward China's plans to expand its semiconductor industry. Foxconn, a significant Apple Inc (AAPL.O) provider and iPhone producer, unveiled in July it was an investor of troubled Chinese chip combination Tsinghua Unigroup.
In a filing to the Taipei stock exchange late on Friday, Foxconn stated that its subsidiary in China had agreed to sell its entire equity stake in Tsinghua Unigroup.
In response, Taiwan's Economy Ministry stated that its investment commission, which must approve all foreign investments, will request a "complete explanation" from Foxconn on Monday.
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