Bank spots irregularity
The central bank yesterday said it detected a foreign institutional investor that had allegedly speculated on the currency market in an illegal manner. The bank said the foreign institutional investor never invested in domestic securities as it claimed. “It seems that the investor took action in the foreign exchange market in the name of investing in local securities,” Department of Foreign Exchange Deputy Director-General Harry Yen (顏輝煌) said. The bank said it has sent the case to the Financial Supervisory Commission for a decision. The heaviest punishment the commision can enforce is canceling the investor’s registration and refusing it permission to invest further in Taiwan.
Hon Hai denies report
Hon Hai Precision Industry Co (鴻海) yesterday said a report that the company signed a deal with mobile operator Vibo Telecom Inc (威寶) on 4G cooperation was incorrect. Hoping to gain a foothold in the 4G market in Taiwan, Hon Hai sent a team to work at Vibo and signed a contract to acquire the operator if Hon Hai’s bid for a 4G license succeeds, the Liberty Times (the Taipei Times’ sister newspaper) reported, citing industry sources. Vibo has about 1.8 million subscribers and 6,700 base stations, the story said. Hon Hai said it has not signed a contract with Vibo nor taken any action to acquire the carrier, including sending a team to work at Vibo.