Cathay to take over OSITC
The Financial Supervisory Commission yesterday approved plans by Cathay Securities Investment Trust Co (國泰投信) to take over the existing funds of Ontario Securities Investment Trust Co (OSITC, 安多利投信) after revoking the latter’s business license on Tuesday. Starting immediately, OSITC may not help investors to redeem funds or increase stakes, the FSC said, adding that customers should take related matters to Cathay Investment Trust instead. The commission revoked OSITC’s business license because the fund house failed to address governance and audit flaws.
Vibo head resigns
Vibo Telecom Inc (威寶電信) yesterday said CEO George Chou (周鐘麒) resigned and company vice chairman William Yen (嚴偉誠) has been appointed by the board to take over Chou’s position. Vibo said Chou resigned from his position to seek a new career plan. The latest personnel adjustment came after Vibo’s major shareholders agreed to sell their stakes in the unprofitable telecom to 4G license winner Taiwan Star Cellular Corp (台灣之星) last month in a NT$4 billion (US$200 million) share-swap deal. Yen also serves as an executive director of Taiwan Star, a subsidiary of conglomerate Ting Hsin International Group (頂新集團). Vibo said Yen’s appointment will help the integration between Vibo and Taiwan Star when launching 4G services.