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Liu desires `private life'

Business tycoon Liu Tai-ying (劉泰英) yesterday said that he can do nothing but accept the Ministry of Finance's (MOF) decision to dismiss all his positions at China Development Financial Holding Corp (中華開發金控) including a board seat he attempted to retain.

"Although the MOF dismissed me from all of my positions, I'll still do my best to serve China Development as an honorary advisor," Liu told reporters yesterday morning upon arriving the company, concluding his 11-year leadership at the nation's fourth largest financial service institution.

Liu said that the company will soon find a new board member to replace him while clarifying a media speculation that he had intended to appoint his son to inherit his seat.

"I've never intended to appoint my son to take over my seat on the company's board, because China Development is not a family-run business," Liu added.

Calling himself a "fool in politics," the 67-year-old former KMT Business Management Committee chairman gloomily added that he wishes to return to living a simple life and hoped that the media would leave him alone.

On Friday Liu voluntarily resigned as chairman of both China Development Financial and its subsidiary China Development Industrial Bank (開發工銀), but retained his seat at the company's board.

The ministry, however, found Liu's decision unacceptable and later stepped in to disqualify Liu as a banker.

"Having breached the Banking Law (銀行法), Liu is no longer suitable to hold any managerial positions at China Development due to a lack of credibility and trustworthiness," said Gary Tseng (曾國烈), director-general of the ministry's Bureau of Monetary Affairs, at a press conference late Friday night.

Citing the complaints in Liu's indictment, Tseng added that Liu was involved in credit misman-agement and receiving kickbacks in the bank, which requires Liu's dismissal.

Finance Minister Lin Chuan (林全), moreover, yesterday said that the government has to adopt "higher moral standards when reviewing qualifications of all bankers."

He also hoped that Liu's dismissal would set a good example among bank boards, which he said should be professional, impartial and disciplined.

In response to the ministry's move, designated China Development chairwoman Diana Chen (陳敏薰) yesterday said that she respects the regulator's decision and will discuss the matter with Benny Hu (胡定吾), designated chairman of China Development Industrial Bank, tomorrow.
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