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FSC hands Waterland data to prosecutors

The Financial Supervisory Commission said it has found some suspicious bank accounts to trading shares of the Waterland Financial Holdings Co (國票金控) and handed the information to prosecutors for investigation.

"We did not see abnormal fluctuations in Waterland's share price but did find some suspicious accounts trading Waterland's shares," the commission's chairman Kong Jaw-sheng (龔照勝) told lawmakers yesterday.

Waterland is slated to hold its shareholders meeting on June 29 to elect a new board of directors and supervisors.

The current management, led by chairman Walter Lin (林華德), is struggling to secure control against a group of rebel shareholders, which includes the Miramar Group (美麗華), Macoto Bank's (誠泰銀行) chairman Lin Cheng-yi (林誠一), Kuo Hua Life Insurance Co (國華人壽), Taiwan Financial Asset Services Corp (台灣金服公司) chairman Hung San-hsiung (洪三雄), and Nice Group (耐斯).

The Ministry of Finance currently controls a 12.86 percent stake in Waterland through state-owned banks, including Taiwan Cooperative Bank (合作金庫銀行) and the International Commercial Bank of China (ICBC, 中國國際商銀).

Last Friday, Walter Lin visited Minister of Finance Lin Chuan (林全) to seek the government's support, but Lin yesterday reiterated that the ministry would maintain a neutral stance until private shareholders reach an agreement.
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