In a statement, the Taiwan Affairs Office (TAO) said the "Black Bear Academy" that both men were associated with was seeking to incite separatism that would endanger cross-strait ties.
Mr Tsao is one of Taiwan's richest men who pledged two years ago to provide millions to two civilian defence training programmes, including the Black Bear Academy.
Mr Shen, a lawmaker with the ruling Democratic Progressive Party (DPP), helps run Black Bear Academy training.
The State Council-level TAO said it would include Mr Tsao and Mr Shen on a list of "Taiwan independence" diehards and impose sanctions on them and the academy.
This story is from the October 15, 2024 edition of The Straits Times.
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This story is from the October 15, 2024 edition of The Straits Times.
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