The Financial Supervisory Commission (FSC) yesterday banned the local unit of Japan’s Aeon Credit Service Co from issuing new credit cards and fined it NT$2.5 million (US$82,700) for filing fraudulent financial reports and lax internal controls.
The commission announced the penalties after wrapping up a probe into irregular practices at the credit issuer.
Some of the firm’s employees allegedly pocketed company money and padded its financial statements, the commission said.
The scandal came to light in September last year after the Japanese parent company conducted an internal inspection.
Aeon Taiwan’s top executive visited the commission to promise that corporate headquarters in Japan would take full responsibility for any wrongdoing by local employees and would keep the Taiwanese branch in normal operation.
The local unit has business ties with retailers, restaurants, financial institutes and recreation facilities nationwide.
The company may not issue new credit cards until it can convince the commission it has amended its wrongdoings.
The 30-year-old Japanese credit card provider entered the local market in 2002 and its local branch has 100 employees.
The incident should have a very limited impact in Taiwan given the company’s small market share, the commission said.
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