Financial Supervisory Commission (FSC) Chairman Gordon Chen (陳樹) yesterday said the FSC will assist domestic investors in structured notes linked to ailing Lehman Brothers Holdings Inc to reach terms with banks before taking legal action.
Chen told a legislative session yesterday that if banks are found to have been negligent in sales of the notes, they will have to shoulder responsibility. He also vowed to handle investors’ complaints.
Lin Tung-liang (林棟樑), deputy director of the commission’s banking bureau, yesterday added that it would use the Banking Law’s Article 62 to impose penalties or administrative punishment on banks found negligent in disclosing necessary risk and information for sales of their structured note investments to investors.
He urged investors to lodge their complaints and present their cases to the Bankers’ Association of the Republic of China (銀行公會) and the Securities and Futures Investors’ Protection Center (投資人保護中心).
As of yesterday, 300 investors who have put down more than NT$1 million (US$30.5 million) on Lehman Brothers-linked investments had filed their complaints to the banking bureau, while another 200, who have put down less than NT$1 million on such investments, petitioned the bankers’ association.
Lin’s comments came after more than 200 investors showed up outside the commission to protest its perceived inaction.
They claimed that banks including Taishin International Bank (台新銀行), Chinatrust Commercial Bank (中國信託商銀) and Cathay United Bank (國泰世華銀行) had sold such investments even though it was clearly stipulated that such “notes may not be sold or offered” in Taiwan.
purpose: Tesla’s CEO sought to meet senior Chinese officials to discuss the rollout of its ‘full self-driving’ software in China and approval to transfer data they had collected Tesla Inc CEO Elon Musk arrived in Beijing yesterday on an unannounced visit, where he is expected to meet senior officials to discuss the rollout of "full self-driving" (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang (李強) in Beijing, during which Li told Musk that Tesla's development in China could be regarded as a successful example of US-China economic and trade cooperation. Musk confirmed his meeting with the premier yesterday with a post on social media platform X. "Honored to meet with Premier Li
Dutch brewing company Heineken NV on Friday announced an investment of NT$13.5 billion (US$414.62 million) over the next five years in Taiwan. The first multinational brewing company to operate in Taiwan, Heineken made the statement at a ceremony held at its brewery in Pingtung County. It also outlined its efforts to make the brewery “net zero” by 2030. Heineken has been in the Taiwanese market for 20 years, Heineken Taiwan managing director Jeff Wu (吳建甫) said. With strong support from local consumers, the Dutch brewery decided to transition from sales to manufacturing in the country, Wu said. Heineken assumed majority ownership and management rights
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