The Financial Supervisory Commission yesterday ordered Taiwan International Investment Management Co (金鼎投信) to dismiss two board directors — Chang Ping-chao (張平沼) and his wife, Chen Shu-chu (陳淑珠) — effective immediately, a commission official said.
Chang and Chen, also former chairpersons of Taiwan International Securities Corp (金鼎證券), had violated a clause in the Securities Investment Trust and Consulting Act and been indicted for breach of trust, the commission said in a statement.
“Because of their dishonesty, they are no longer qualified to carry out their duties,” Wu Quei-mao (吳桂茂), chief secretary of the commission’s Securities and Futures Bureau, told a media briefing.
If Chang or Chen apply to take up management positions at securities brokerages in future, the bureau will review their qualifications on a case-by-case basis since the commission’s decision yesterday does not prohibit them from taking up new positions.
In early July, Chang and his family were involved in a boardroom war at Taiwan International Securities, which ended inconclusively after the incumbent management, led by Chang, and a new management team from its biggest shareholder, China Development Financial Holding Co (中華開發金控), each claimed to have won a majority of the company’s nine available board seats.
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