Financial Supervisory Commission (FSC) Chairman Ding Kung-wha (丁克華) and Vice Chairman Kuei Hsien-nung (桂先農) yesterday resigned over issues involving Mega International Commercial Bank’s (兆豐銀行) New York branch and XPEC Entertainment Inc (樂陞科技).
FSC Vice Chairman Huang Tien-mu (黃天牧) will be the commission’s acting chairman, the Executive Yuan said.
Ding on Saturday last week offered a verbal resignation to Premier Lin Chuan (林全), who rejected it, but Ding lodged another resignation on Sunday, which Lin approved, Executive Yuan spokesman Hsu Kuo-yung (徐國勇) said.
Photo: Huang Yao-cheng, Taipei Times
“To claim responsibility [for the Mega International and the XPEC case], Ding tendered his formal resignation yesterday, which was ... reported to President Tsai Ing-wen (蔡英文),” Hsu said.
Mega Bank’s New York branch was fined for breaches of US money laundering regulations, while XPEC was involved in a proposed takeover that failed, causing major losses for investors.
The president said she “respected” Lin’s decision, Hsu said.
Kuei, who was appointed alongside Ding, had to resign in accordance with the political appointments system, Hsu said.
Hsu said he did not know whether Ding resigned due to pressure from lawmakers and critics.
Ding said in the letter that he had to resign to “protect his integrity,” while Hsu supported the media’s right to question government officials.
“To prevent further effects on and misgivings about the commission, I have no other choice but to resign,” Ding said in a separate statement.
The FSC has achieved its intermediate goals that would pave the way toward bolstering regulatory standards for the nation’s financial sector, as well as placing responsibilities on companies involved in Bai Chi Gan Tou Digital Entertainment Co’s (百尺竿頭) botched bid to acquire XPEC, he said.
Hsu said there was no information on whether the resignations, along with the change of former Executive Yuan spokesman Tung Chen-yuan (童振源), was a preface to a minor Cabinet reshuffle.
When asked whether Lin lost his authority over Cabinet appointments, Hsu said, “the premier’s authority is intact and he saw to the appointments of myself and others.”
The Executive Yuan will seek suitable candidates to replace Ding and Kuei, Hsu said, adding that there are plenty of candidates in the financial sector.
The FSC would propose measures to reinforce oversight of financial institutions at a meeting called by an Executive Yuan task force to address the Mega Bank case, he said.
Meanwhile, Taiwan Stock Exchange (TWSE) chairman Shih Jun-ji (施俊吉) denied reports that he has been tapped as a candidate for the FSC chairmanship.
“I have no knowledge of a decision over the appointment,” Shih told the Taipei Times by telephone, adding that market rumors should be ignored.
“Three months into my appointment as TWSE chairman, there are still many tasks that must be completed,” Shih said.
Additional reporting by Ted Chen
The Republic of China (ROC) is celebrating its 114th Double Ten National Day today, featuring military parades and a variety of performances and speeches in front of the Presidential Office in Taipei. The Taiwan Taiko Association opened the celebrations with a 100-drummer performance, including young percussionists. As per tradition, an air force Mirage 2000 fighter jet flew over the Presidential Office as a part of the performance. The Honor Guards of the ROC and its marching band also heralded in a military parade. Students from Taichung's Shin Min High School then followed with a colorful performance using floral imagery to represent Taiwan's alternate name
COGNITIVE WARFARE: Chinese fishing boats transmitting fake identification signals are meant to test Taiwan’s responses to different kinds of perceived incursions, a report said Chinese vessels are transmitting fake signals in Taiwan’s waters as a form of cognitive warfare, testing Taipei’s responses to various types of incursions, a report by the Institute for the Study of War said on Friday. Several Chinese fishing vessels transmitted fake automatic identification system (AIS) signals in Taiwan’s waters last month, with one mimicking a Russian warship and another impersonating a Chinese law enforcement vessel, the report said. Citing data from Starboard Maritime Intelligence, the report said that throughout August and last month, the Chinese fishing boat Minshiyu 06718 (閩獅漁06718) sailed through the Taiwan Strait while intermittently transmitting its own AIS
CHINESE INFILTRATION: Medical logistics is a lifeline during wartime and the reported CCP links of a major logistics company present a national security threat, an expert said The government would bolster its security check system to prevent China from infiltrating the nation’s medical cold chain, a national security official said yesterday. The official, who wished to stay anonymous, made the remarks after the Chinese-language magazine Mirror Media (鏡周刊) reported that Pharma Logistics (嘉里醫藥物流) is in charge of the medical logistics of about half of the nation’s major hospitals, including National Taiwan University Hospital and Taipei Veterans General Hospital. The company’s parent, Kerry TJ Logistics Co (嘉里大榮物流), is associated with the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) and the Chinese People’s Liberation Army (PLA), the
COVETED PRIZE: The US president would be a peace prize laureate should he persuade Xi Jinping to abandon military aggression against Taiwan, William Lai said US President Donald Trump should get the Nobel Peace Prize should he be able to convince Chinese President Xi Jinping (習近平) to abandon the use of force against Taiwan, President William Lai (賴清德) told a conservative US radio show and podcast in an interview. The US is Taiwan’s most important international backer, despite the absence of formal ties, but since Trump took office earlier this year he has not announced any new arms sales to the nation. Trump could meet Xi at the APEC summit in South Korea on Oct. 31 and Nov. 1. Lai, speaking on The Clay Travis and Buck Sexton
RSS