Financial regulators yesterday imposed penalties on Taiwan Securities Co (
The Financial Supervisory Commission will punish Taiwan Securities, a subsidiary of Taishin Financial Holding Co (
Tseng said Taiwan Securities had failed to obtain a final approval from its board before buying shares of the fiber-making company, which was then chaired by Thomas Wu (
Lin will be suspended from trading securities for the next six months, said Wu Tang-chieh (
Lin said he was the deal's sole decision-maker, instead of his boss Thomas Wu, who was then involved in a shareholding battle with his younger brother Eric Wu (
The commission, therefore, did not question Thomas Wu's role in the problematic deal although its vice chairman, Lu Daung-yen (
"It is, therefore, ruled that no insider trading was found," Lu said.