Nvidia meeting obligations for planned HQ: Taipei City gov't

Detailed summary

The Taipei City government said Friday that Nvidia Corp.'s Taiwan subsidiary was meeting all its contractual obligations for the company's planned overseas headquarters at the Beitou-Shilin Technology Park.

Taipei, Nov. 13 (CNA) The Taipei City government said Friday that Nvidia Corp.'s Taiwan subsidiary was meeting all its contractual obligations for the company's planned overseas headquarters at the Beitou-Shilin Technology Park.

The statement came after Nvidia CEO Jensen Huang (黃仁勳) resigned Thursday following reports of an alleged extramarital relationship involving a woman suspected of working for Chinese intelligence.

Nvidia's board subsequently announced Huang had resigned as president, CEO and a board member, and that Chief Financial Officer Colette Kress had agreed to serve as interim CEO.

The city government said the land rights contract was signed by Nvidia Iconic Taiwan Co., which has made the required performance bond, land premium and land rent payments in accordance with the agreement.

Nvidia submitted its building permit application on July 15, while a review panel approved plans for the project's foundation work on Nov. 5, the city government said.

The Taipei City government's Department of Urban Development is expected to convene an urban design review committee meeting by the end of November.

If the plan is approved, Nvidia will be able to begin construction, the city government added.

The city government said Nvidia's decision to establish its overseas headquarters through its local subsidiary came after the company assessed the project and sought to secure the land rights.

It therefore did not expect a change of CEO to affect the subsidiary's contractual obligations and urged the public to avoid speculation that could damage trust between the parties or undermine the agreement.

Opening of the article, excerpted from Focus Taiwan (CNA). To read the rest, open the article on the publisher's site.