The Financial Supervisory Commission (FSC) might summon Angelo Koo (辜仲瑩), president of China Development Financial Holding Corp (中華開發金控), to answer questions amid a probe into the company's alleged involvement in illegitimate transactions, the financial watchdog said yesterday.
"The commission will complete its investigation within two weeks ? based on newly discovered events," commission chairman Kong Jaw-sheng (龔照勝) said during a question-and-answer session at Legislative Yuan's Finance Committee yesterday.
The FSC boss made the remarks in response to the questions and criticism from legislators who cited a local magazine's cover story last Thursday about Koo's alleged involvement in embezzlement at China Development Financial, the 13th-biggest financial group in the country.
The Chinese-language Business Today (
The report criticized Koo for neglecting shareholder interests and corporate governance, as well as his controversial leadership.
China Development Financial had previously been accused of spending money to the benefit of certain shareholders who were allegedly foreign investors during a hostile takeover attempt on smaller rival Taiwan International Securities Corp (金鼎證券). Such actions, if proven, could violate insider trading regulations.
Kong said the commission sent a letter to China Development Financial last Saturday demanding an explanation of its controversial stock trading activities.
The commission has not ruled out the possibility of summoning the firm's management, including Koo, to provide explanations in person, Kong said.
The investigation would focus on whether the company fulfilled its obligations for full disclosure before getting the board's approval for its actions, he said.
"We have finalized the administrative investigation [into the alleged illegal transactions] and handed the results over to the prosecutors," Kong said.
China Development Financial said it would follow the commission's demands and do what it is required to do, spokeswoman Sherie Chiu (
The firm's shares closed down 1.25 percent at NT$11.85 on the Taiwan Stock Exchange yesterday.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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