The Taipei District Court has appointed three temporary managers to take over Taiwan International Securities Corp (金鼎證券), marking the first-ever government takeover of a securities business.
The court said on Tuesday it made the decision based on the Company Act (公司法), after the securities company plunged into a power struggle between two factions of its majority shareholders, who both claimed victory in elections for board members and supervisors at the annual general meeting in June last year.
One faction was led by the Koo family, who run China Development Financial Holding Corp (中華開發金控), and the other was supported by the chief executive of Taiwan International Securities Group (金鼎集團), Chang Ping-chao (張平沼).
Because of the election dispute, the Department of Commerce declined to accept the list of newly elected board members and supervisors presented by Chang’s faction.
Meanwhile, China Development Financial filed a petition with the court asking for an injunction prohibiting Chang’s group from running the securities firm.
The district court said management disputes have disrupted the securities firm’s day-to-day operations.
And even worse, as the firm is a listed company, the disputes have also affected market order, the court added.
The takeover petition was initiated by a prosecutor at the Taipei District Prosecutors’ Office under the Company Act, which stipulates that if a company’s board members and supervisors fail or are unable to exercise power to the extent that they pose a threat to the company, the court may appoint one or more temporary managers to take over operations.
The three temporary managers include Chu Jaw-chyuan (朱兆銓), a former chairman of the Securities and Futures Investor Protection Center.
Apart from the temporary manager appointments, the court has also issued an injunction prohibiting Chang’s son from exercising power as the company chairman.
Taiwan International Securities declined to comment on the ruling until it receives a written decision, but said it would respect the court’s ruling.
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