Former Macoto boss Lin gets the nod

The report also criticized China Development Financial president Angelo Koo (辜仲瑩) for neglecting shareholders' interests and corporate governance, as well as his controversial leadership.

The minister further reiterated that if the Koo family failed to boost its stake holding in China Development Financial to the promised 15 percent before the board meeting next year, the government would not withdraw from management of the entity and will continue to play a critical role in supervising the company's governance.

China Development Financial said yesterday it was considering filing a lawsuit against the weekly for the report the company said was "incorrect and libelous."