TAIPEI : Taiwan's government is considering fining tech giant Foxconn up to T$25 million over its investment in a Chinese chip conglomerate without first getting regulatory approval, two sources briefed on the matter said on Friday.
Foxconn did not seek prior approval from the Taiwan government before the investment was made and authorities believe it has violated a law governing the island's relations with China, a person familiar with the matter told Reuters. A second source said Foxconn could be given a fine of between T$50,000 and T$20 million for investing without approval, adding that regulators will scrutinise the investment and deliver a decision after they receive the company's application.
Foxconn, best known for assembling Apple Inc's iPhone, is keen to make auto chips in particular as it expands into the electric vehicle market. The company has been seeking to acquire chip plants globally as a worldwide chip shortage rattles producers of goods from cars to electronics.
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