Late on Monday, Chinatrust Financial defended its management team after the government became involved in personnel arrangements in state-controlled Mega Financial and the high-profile boardroom tussle that ended last week.
"The investment was made in light of Mega Financial's long-term investment value and to seek opportunity for further cooperation in the future in response to the government's financial reform and privatization policy," a statement released by Chinatrust Financial read.
A combined 15.6 percent stake held by Chinatrust Financial and its subsidiaries was approved by the regulator and had not been increased, the statement said, adding "there is no hidden shareholding."
Chinatrust Financial made the statement amid public criticism about the government's inability to defend state assets and concern that the Mega Financial board reshuffle was intended to benefit the Koo family.
The company said it would wait for the government' to spell out its position on the direction of financial reform at an economic forum next month.
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