Lin Chun's experience questioned

Lin Chun (林軍) may not have enough banking experience to be president of China Development Industrial Bank (中華開發工銀), Chinese-language media reported yesterday, citing Vice Minister of Finance Sean Chen (陳沖).

Lin (林軍) is the president of China Venture Management Inc (開發科技顧問) and may not be qualified for the post due to his lack of banking experience, the report said.

"We haven't received any information about Lin from China Development ... and therefore are in no position to comment on whether or not he is qualified," the reports quoted Chen as saying.

"But according to government regulations, a candidate with rich experience in the venture capitalist area is eligible to take a position as board director or supervisor ... not president," Chen said.

Lin, 54, has been president of China Venture Management, a wholly owned venture capital subsidiary of China Development, since 1986.

According to the Bureau of Monetary Affairs, a bank's president must have banking experience or equivalent experience which could prove the candidate capable of running a bank.

Each bank's candidate for president has to be officially approved by the ministry before taking the post. Those who violate the regulations will be fined between NT$500,000 and NT$2 million, the bureau said.

China Development said yesterday that it is still in the preparatory documentation stage and will submit information about Lin to the finance ministry as soon as possible, Liu Chieh-ju (劉潔如), a China Development spokesman, told the Taipei Times.

"Whether or not Lin is qualified for the position is up to the authorities ... We have no comment on that," Liu said.

"But we don't see any reason to change the candidate at the current stage ... Lin is still our prime candidate for the presidency."

China Development is considered one of Taiwan's most influential investment banks. The bank's chairman, Liu Tai-ying (劉泰英), appointed Lin to replace Benny Hu (胡定吾) as president on June 21.