Taipei, April 18 (CNA) The Ministry of Economics Affairs (MOEA) confirmed Tuesday its approval of an application by Chang Kuo-wei (張國煒), a former chairman of EVA Airways Corp., to set up a new company with paid-in capital of NT$10 million (US$328,700).
The application was given the greenlight a week earlier, the MOEA's Department of Commerce said, noting that the company has been named Hsing Yu Investment (星宇投資有限公司) although a formal English name has not yet been announced.
According to the department's website, the new company is registered as an investment business, with Chang serving as a board member. The firm's address is in Taipei's Da'an District.
Local media reports have said that the new company is Chang's first step toward an ambitious plan to open a new air carrier.
Nieh Kuo-wei (聶國維), a former EVA Air spokesman and a close associate of Chang, confirmed the news in an Apple Daily report that appeared a day earlier.
Under the existing regulations, any individual or company applying to operate civil aviation services in Taiwan must have been in the international transport or trade business for at least five years and must have generated revenue of over NT$6 billion each year, Nieh said.
To face the barriers, "efforts are being made to seek a breakthrough," Neih was cited by the daily as saying.
Chang became chairman of EVA Air in January 2013 but when his father, Evergreen Group founder Chang Jung-fa (張榮發), died in January 2016, a war of succession erupted among his children and Chang Kuo-wei was eventually removed from the chairman post.
In March last year, he was replaced by Steve Lin (林寶水), a long-serving executive in the Evergreen Group, and no longer holds any executive position in the group.
(By Huang Li-yun and Elizabeth Hsu)