Taipei 101 confirms New Year firework show after finding sponsor

Taiwan's landmark Taipei 101 skyscraper will host its annual fireworks display on New Year's Eve as scheduled after the tower found a last-minute sponsorship.

This year's firework show, which costs about 38 million new Taiwan dollars (1.197 million U.S. dollars), will be exclusively sponsored by the non-profit iSee Taiwan Foundation created by the late entrepreneur Sayling Wen in 2003, Taipei Financial Center Corporation, the operator of the skyscraper, announced in a statement Tuesday.

"TAIPEI 101 New Year fireworks display is an exciting event that people in Taiwan look forward to every year, the fireworks also represent an opportunity for Taiwan to convey a message to the world," said Audrey Yang, executive director of iSee Taiwan Foundation.

The firework show, an annual event for the past decade, was in doubt after Wei Ying-chiao, chairman of the scandal-ridden Ting Hsin International Group, a major shareholder of Taipei 101, resigned as vice chairman and CEO of Taipei Financial Center in late October.

Ting Hsin International Group, known for a number of brands including Master Kong instant noodles, is in hot water after two of its subsidiaries were found to have used oil unfit for human consumption.

The fireworks are expected to last 218 seconds, starting from the stroke of midnight of the New Year Eve.