November 24, 2023, 02:54 PM
In a surprise development on Nov. 24, Terry Gou, the billionaire founder of Foxconn Technology Group, may not run in the presidential election he has flirted with for months.
On the same day as the official deadline to register as a candidate, Bloomberg reported that Gou may drop out, citing people "familiar with his decision".
Taiwan Plus News also reported that Gou may drop out.
BREAKING: Foxconn founder Terry Gou will not register for Taiwan's Jan. 13 presidential election, according to local media. Gou had collected enough signatures to run as an independent, but had scaled down campaigning after China opened an investigation into Foxconn.
— TaiwanPlus News (@taiwanplusnews) November 24, 2023
Investigation into alleged bribery
Gou had previously spoken of his intention to run, going as far as to name a running mate.
However, the Taipei District Prosecutors Office revealed on Nov. 1 that it was investigating alleged bribes linked to Gou's presidential campaign.
13 people were questioned over suspected cash payments offered in exchange for signatures in support of Gou’s presidential bid, Time Magazine reported, citing the prosecutor office.
A campaign spokesperson told Time that "any illegal act is not accepted."
Foxconn under investigation in China
Meanwhile, Foxconn is also under investigation by the authorities in mainland China.
State-run media Global Times reported in late Oct. 2023 that tax authorities were conducting inspections on "key Foxconn enterprises" in Guangdong and Jiangsu.
Authorities from the natural resources department are also investigating the use of land by key Foxconn enterprises in Henan and Hubei.
While Global Times described the investigation as "normal", Bloomberg noted that the news emerged after Gou's press conference announcing his presidential bid in Aug. 2023, where he said he would "not bow to China's threats."
Gou resigned as Foxconn director in Sep. 2023.
Gou has until 5:30pm local time to make a final decision, Bloomberg reported.
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Top image from Terry Gou Facebook.
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