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
South Korea has adjusted its electronic arrival card system to no longer list Taiwan as a part of China, a move that the Ministry of Foreign Affairs said would help facilitate exchanges between the two sides. South Korea previously listed “Taiwan” as “Taiwan (China)” in the drop-down menus of its online arrival card system, where people had to fill out where they came from and their next destination. The ministry had requested South Korea make a revision and said it would change South Korea’s name on Taiwan’s online immigration system from “Republic of Korea” to “Korea (South),” should the issue not be
Tainan, Taipei and New Taipei City recorded the highest fines nationwide for illegal accommodations in the first quarter of this year, with fines issued in the three cities each exceeding NT$7 million (US$220,639), Tourism Administration data showed. Among them, Taipei had the highest number of illegal short-term rental units, with 410. There were 3,280 legally registered hotels nationwide in the first quarter, down by 14 properties, or 0.43 percent, from a year earlier, likely indicating operators exiting the market, the agency said. However, the number of unregistered properties rose to 1,174, including 314 illegal hotels and 860 illegal short-term rental
Both sides of the Taiwan Strait share a political foundation based on the “1992 consensus” and opposition to Taiwanese independence, Chinese Nationalist Party (KMT) Chairwoman Cheng Li-wun (鄭麗文) today said during her meeting with Chinese President Xi Jinping (習近平). Both sides of the Strait should plan and build institutionalized and sustainable mechanisms for dialogue and cooperation based on that foundation to make peaceful development across the Strait irreversible, she said. Peace is a shared moral value across the Strait, and both sides should move beyond political confrontation to seek institutionalized solutions to prevent war, she said. Mutually beneficial cross-strait relations are what the
ECONOMIC COERCION: Such actions are often inconsistently applied, sometimes resumed, and sometimes just halted, the Presidential Office spokeswoman said The government backs healthy and orderly cross-strait exchanges, but such arrangements should not be made with political conditions attached and never be used as leverage for political maneuvering or partisan agendas, Presidential Office spokeswoman Karen Kuo (郭雅慧) said yesterday. Kuo made the remarks after China earlier in the day announced 10 new “incentive measures” for Taiwan, following a landmark meeting between Chinese President Xi Jinping (習近平) and Chinese Nationalist Party (KMT) Chairwoman Cheng Li-wun (鄭麗文) in Beijing on Friday. The measures, unveiled by China’s Xinhua news agency, include plans to resume individual travel by residents of Shanghai and China’s Fujian
RSS