Wed, Nov 29, 2006 - Page 12 News List

MOF may replace bank representatives

By Amber Chung  /  STAFF REPORTER

The Ministry of Finance said yesterday that it may replace its representatives on the board of state-controlled Chang Hwa Bank (彰化銀行) following their absence from last Friday's board meeting, at which controversial management changes were approved.

Attendance records are being reviewed and the ministry is pondering who to replace, said a ministry official who declined to be named.

Government-appointed directors Chuang Sheng-jung (莊勝榮), a lawyer, and Chang Chin-shi (張清溪), a professor, are likely to be replaced because of their poor attendance records, the official said.

For Friday's meeting, Chang and another director, Kuei Hsian-nong (桂先農), had applied for leave in advance. They commissioned Lin Shih-ming (林世銘) and Chuang, two other directors appointed by the ministry, to attend the meeting on their behalf. But Lin called in sick and Chuang had to attend court that morning.

Meanwhile, the ministry considered Julius Chen (陳淮舟), president of Taishin Financial Holding Co (台新金控), Chang Hwa's largest shareholder, fully qualified to be appointed the bank's new president, given his extensive banking experience and four-years at Chang Hwa, the source said.

The appointment is subject to the approval of the Financial Supervisory Commission, which yesterday said it had not received Chang Hwa's application.

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