Controversial Chen Mu-tsai sparks uproar in legislature

Chen was appointed to take the helm of China Development Financial in April 2004 to counterbalance Angelo Koo (辜仲瑩), president of the financial institution and the second son of Chinatrust Financial Holding Co (中信金控) chairman Jeffrey Koo (辜濂松).

The choice of the pair was appraised by both the government and private sector as a good example for running a financial institution when both sides enjoy equal power within the boardroom.

Lin had gained firm support from Lyu and Premier Su Tseng-chang (蘇貞昌), but encountered strong opposition from the Koo family, which controls seven seats of China Development Financial's 21-member board. The ministry also controls seven seats.