TutorABC comes under scrutiny amid allegations of Chinese investment
01/07/2021 06:59 PM
Photo from facebook.com/TutorABC.com.tw
Taipei, Jan. 7 (CNA) The Investment Commission said Thursday that it will check the identity of the shareholders of TutorABC, the largest online English teaching platform in Taiwan, to determine whether the company is backed by Chinese investment.
The commission was responding to allegations that TutorABC's operation is controlled by a Chinese financial conglomerate.
Under Taiwan law, a company is deemed as a Chinese investment if over 30 percent of its shares are held by a Chinese entity or if it is controlled, in effect, by a Chinese entity. In addition, Chinese backed companies are banned from entering Taiwan's education sector.