Nakong Development Corporation: Difference between revisions
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The Nakong Development Corporation was established by the Economic Development (Statutory Authority) Act 2009 as the successor to the [[State Asset Management Agency]], a division of the [[Cabinet of Nakong|Department of the Treasury]] with a troubled history of poor record-keeping and politically directed investments. Additionally, the NDC gained the assets and functions of several smaller public investment bodies, including the Nakong Industrial Strategic Agency, the Nakong Urban Redevelopment Agency, and the National Office for Rural Infrastructure, in addition to inheriting the {{wp|trade credit insurance|credit insurance}} functions of the Nakong Export-Import Agency. Under its enabling legislation, the Nakong Development Corporation operates autonomously from the Government of Nakong and pays an annual dividend to the Treasury, with the [[Cabinet of Nakong|Department of State for Economic Development]] providing oversight and accountability. | The Nakong Development Corporation was established by the Economic Development (Statutory Authority) Act 2009 as the successor to the [[State Asset Management Agency]], a division of the [[Cabinet of Nakong|Department of the Treasury]] with a troubled history of poor record-keeping and politically directed investments. Additionally, the NDC gained the assets and functions of several smaller public investment bodies, including the Nakong Industrial Strategic Agency, the Nakong Urban Redevelopment Agency, and the National Office for Rural Infrastructure, in addition to inheriting the {{wp|trade credit insurance|credit insurance}} functions of the Nakong Export-Import Agency. Under its enabling legislation, the Nakong Development Corporation operates autonomously from the Government of Nakong and pays an annual dividend to the Treasury, with the [[Cabinet of Nakong|Department of State for Economic Development]] providing oversight and accountability. | ||
Since its establishment, the Nakong Development Corporation has posted consistent profits and come to grow its portfolio through investments in a wide variety of Nakongese and international assets. The NDC has ownership stakes in a variety of notable companies, including [[Nakonair]], [[Nakong Container]], [[Patlin Industrial]], and TBD. | Since its establishment, the Nakong Development Corporation has posted consistent profits and come to grow its portfolio through investments in a wide variety of Nakongese and international assets. The NDC has ownership stakes in a variety of notable companies, including [[Nakonair]], [[Nakong Container]], [[Patlin Industrial]], and TBD. Through its Culture Fund, the NDC has also been involved in arts funding intended to promote the prominence of the {{wp|Cantonese|Nakongese}} language in media. | ||
Arnold Yip-Smith, a dual [[Estmere|Estmerish]]-[[Nakong|Nakongese]] citizen, has served as president and CEO of the Nakong Development Corporation since 2019. [[Anna Poon Yuen-ki]], the [[Cabinet of Nakong|Minister of Economic Development]], is the minister responsible for the corporation. | Arnold Yip-Smith, a dual [[Estmere|Estmerish]]-[[Nakong|Nakongese]] citizen, has served as president and CEO of the Nakong Development Corporation since 2019. [[Anna Poon Yuen-ki]], the [[Cabinet of Nakong|Minister of Economic Development]], is the minister responsible for the corporation. | ||
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== Governance == | == Governance == | ||
== Controversy == | |||
=== ''Lest Ye Be Judged'' === | |||
The NDC Culture Fund, the arts funding division of the Nakong Development Corporation, assisted in the financing of the 2023 film ''[[Lest Ye Be Judged]]'', a {{wp|historical drama}} retelling a fictionalized account of the [[Patlin trials]]. While the film received generally positive reviews and was selected as the Nakongese submission to the [[84th Montecara Film Festival]], it proved controversial amongst [[Paisha nationalism|Paisha nationalist]] circles due to its perceived unpatriotism and {{wp|historical revisionism}}. Particular points of controversy surrounding the film include its sympathetic portrayal of a [[Shangean unionism|Shangean unionist]] protagonist, its depiction of the Patlin trials and their presiding judge as biased and unfair, and the extensive use of {{wp|English language|Estmerish}} in the courthouse scenes of the film despite its funding by a Paisha language promotion fund.<ref group=nb>Estmerish was, and remains, the common language of legal proceedings in Nakong.</ref> | |||
As a result of the controversy, Nakong Development Corporation CEO Arnold Yip-Smith and NDC Culture Fund Vice President George Chan were summoned to testify before the [[Parliament of Nakong]] and were subject to an unsuccessful {{wp|censure}} motion tabled by [[Self-Determination Congress]] backbenchers on the committee. | |||
== See also == | == See also == | ||
[[Category:Nakongese companies]] [[Category:Government agencies of Nakong]] | [[Category:Nakongese companies]] [[Category:Government agencies of Nakong]] | ||
== Notes == | |||
{{reflist|group=nb}} | |||
Revision as of 09:50, 2 February 2024
 Logo | |
.jpg) Headquarters in Queensport | |
Native name | 内江發展公司 |
|---|---|
| State-owned enterprise | |
| Industry | Asset management Credit insurance Institutional investor Real estate |
| Predecessors | Nakong Export-Import Agency Nakong Industrial Strategic Agency Nakong Urban Redevelopment Agency National Office for Rural Infrastructure State Asset Management Agency |
| Founded | 30 September 2010 |
| Headquarters | Queensport, , |
Key people | Anna Poon Yuen-ki, Minister of Economic Development Arnold Yip-Smith, President and CEO |
 $1.9 billion (2022) | |
| Total assets |  $109 billion (2022) |
Number of employees | 22,803 (2019) |
| Parent | Department of State for Economic Development |
| Website | ndc.nk |
| Nakong Development Corporation | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Simplified script | 内江发展公司 | ||||||||||||
| Traditional script | 内江發展公司 | ||||||||||||
| |||||||||||||
The Nakong Development Corporation (NDC; Shangean: 内江發展公司) is a Nakongese state-owned financial institution that serves as the primary investment arm of the Nakongese state, with ownership stakes in a number of Nakongese and international firms and a key role in various industries including banking, credit insurance, real estate and transportation. Founded in 2010 by then-Minister of Finance Andrew Ng, the Nakong Development Corporation was formed from the merger of various Nakongese economic development agencies in order to reduce direct state investment in Nakongese industry and to create arm's-length, apolitical decision-making in the management of public assets.
The Nakong Development Corporation was established by the Economic Development (Statutory Authority) Act 2009 as the successor to the State Asset Management Agency, a division of the Department of the Treasury with a troubled history of poor record-keeping and politically directed investments. Additionally, the NDC gained the assets and functions of several smaller public investment bodies, including the Nakong Industrial Strategic Agency, the Nakong Urban Redevelopment Agency, and the National Office for Rural Infrastructure, in addition to inheriting the credit insurance functions of the Nakong Export-Import Agency. Under its enabling legislation, the Nakong Development Corporation operates autonomously from the Government of Nakong and pays an annual dividend to the Treasury, with the Department of State for Economic Development providing oversight and accountability.
Since its establishment, the Nakong Development Corporation has posted consistent profits and come to grow its portfolio through investments in a wide variety of Nakongese and international assets. The NDC has ownership stakes in a variety of notable companies, including Nakonair, Nakong Container, Patlin Industrial, and TBD. Through its Culture Fund, the NDC has also been involved in arts funding intended to promote the prominence of the Nakongese language in media.
Arnold Yip-Smith, a dual Estmerish-Nakongese citizen, has served as president and CEO of the Nakong Development Corporation since 2019. Anna Poon Yuen-ki, the Minister of Economic Development, is the minister responsible for the corporation.
History
Operations
Divisions
Governance
Controversy
Lest Ye Be Judged
The NDC Culture Fund, the arts funding division of the Nakong Development Corporation, assisted in the financing of the 2023 film Lest Ye Be Judged, a historical drama retelling a fictionalized account of the Patlin trials. While the film received generally positive reviews and was selected as the Nakongese submission to the 84th Montecara Film Festival, it proved controversial amongst Paisha nationalist circles due to its perceived unpatriotism and historical revisionism. Particular points of controversy surrounding the film include its sympathetic portrayal of a Shangean unionist protagonist, its depiction of the Patlin trials and their presiding judge as biased and unfair, and the extensive use of Estmerish in the courthouse scenes of the film despite its funding by a Paisha language promotion fund.[nb 1]
As a result of the controversy, Nakong Development Corporation CEO Arnold Yip-Smith and NDC Culture Fund Vice President George Chan were summoned to testify before the Parliament of Nakong and were subject to an unsuccessful censure motion tabled by Self-Determination Congress backbenchers on the committee.
See also
Notes
- ↑ Estmerish was, and remains, the common language of legal proceedings in Nakong.