Sun, Feb 19, 2017 - Page 14 News List

BUSINESS BRIEFS

Staff writer, with agencies

PAPER

Chair forged seals: TPPC

Taiwan Pulp and Paper Corp (TPPC, 台灣紙業) chairman Chien Hung-wen (簡鴻文) has been accused of forging company seals, according to TPPC’s filing with the Taiwan Stock Exchange on Friday. The filing said Chien submitted an application to the Ministry of Economic Affairs’ Department of Commerce to replace original company seals with new ones, believed to be fake. TPPC said it is seeking an administrative remedy for the accusation to ensure shareholders’ interests. Chien denied the allegation, saying that he had to file an application for new company seals as TPPC officials refused to provide him with original ones. He said the process of seal changes was completely legal.

CREDIT

Fraud reports hit new high

Credit card fraud reported in Taiwan hit a record-high last year, according to statistics released by the National Credit Card Center yesterday. Last year, credit card fraud totaled NT$1.3 billion (US$42.24 million) in Taiwan, more than triple the NT$328 million recorded in 2013, the center said. Eighty-nine percent of that — NT$1.16 billion — involved online transactions, a sharp increase from NT$268 million in 2013, the center said. The center also discovered that 95 percent of the fraudulent online transactions occurred overseas, which it attributed to the popularity of shopping on overseas Web sites.

ITALY

Chinese bank to pay fine

Italian media outlets reported that the Bank of China (中國銀行) has agreed to pay a fine of 600,000 euros (US$636,870), as part of a plea deal in a 4.5 billion euro money laundering probe. ANSA reported that at a preliminary hearing on Friday four bank officials were convicted of money laundering, while a charge of employing Mafia methods was dropped. The judge sentenced the bank officials to a two-year suspended sentence and ordered the seizure of 980,000 euros, equal to what prosecutors said were the bank’s profits in the scheme.

BANKING

Citigroup cuts CEO’s pay

Citigroup Inc’s board of directors is paying chief executive officer Michael Corbat US$15.5 million for last year, down from the US$16.5 million pay packet he received in 2015. The board on Friday said that in addition to his US$1.5 million base salary, Corbat is to receive US$4.2 million in cash and US$9.8 million in stock awards. The board said the package reflects Corbat’s work to shrink and restructure Citi following the financial crisis. Citigroup almost entirely wound down Citi Holdings last year, which is the “bad bank” part of Citigroup where the company housed all of the toxic assets.

FINANCE

Fannie Mae profits double

Fannie Mae on Friday said that it would pay the US Department of the Treasury a US$5.5 billion dividend next month after its profit doubled in its latest quarter. The government-controlled mortgage company has already paid the treasury US$154.4 billion in dividends since receiving US$116.1 billion in government bailouts between 2008 and 2011. Fannie Mae’s sibling Freddie Mac, which was also rescued by the government during the recession, on Thursday said that it would pay the treasury a US$4.5 billion dividend next month after its profits soared.

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