The Financial Supervisory Commission on Friday announced it fined Fubon Asset Management Co (
Fubon Asset Management president Michael Ding (
Three other executives at the company will also be suspended from work for periods ranging from three months to one year, the commission said. Among them, senior vice president Ku Shu-hwa (
The implementation of the penalties will start on Feb. 15, the commission's Securities and Futures Bureau said on Friday. Despite the punishment meted out to executives, the bureau said that the fund managers at Fubon Asset Management still retain their licenses and are still able to serve their clients and safeguard investors' rights.
Fubon Asset Management is a unit of Fubon Financial Holding Co (
More than 70 percent of the nation's mutual funds are invested in bonds, according to the Securities Investment Trust and Consulting Association.
Fubon Asset Management was penalized by the regulator for breaking the Securities Investment Trust and Consulting Act (證券投資信託及顧問法) when it traded among its mutual funds, including Fubon Fu Tai Fund (富邦福泰平衡型基金) and Fubon Dragon Bond Taiwan Fund (富邦千禧龍債券基金), from May 2004 to October last year.
"We'll conduct a deeper probe into the issue and a review of managers and our internal control," Victor Kung (龔天行), president of Fubon Financial, said on Friday.
"We have enough capital to cope with possible redemption on the funds," Kung said.
The internal control problem at Fubon Asset Management is the second irregularity the commission has found since July 2004, when the United Securities Investment Trust Corp (聯合投信) halted redemptions on some of the bonds in its portfolios when it ran out of cash. To ease its capital shortage, United Securities Investment then sold three bond funds that were estimated to have NT$10 billion in assets to Fubon Asset Management.
Contract chipmaker United Microelectronics Corp (UMC, 聯電) yesterday said it has signed a memorandum of understanding (MOU) with Polar Semiconductor LLC to collaborate on the production of 8-inch wafers in the US. The collaboration aims to strengthen 8-inch wafer manufacturing in the US amid Washington’s efforts to increase onshore manufacturing of semiconductors, contribute to supply chain resilience against shifting geopolitical dynamics, and ensure a secure domestic supply of power semiconductors critical to automotive, electric grids, robotic manufacturing and data centers, the companies said in a joint statement. Under the MOU, Polar and UMC will identify devices for Polar to manufacture at
TARIFF TALKS: The US secretary of commerce is eyeing more than US$300 billion in investments and said Taiwan would train US workers, but Taipei has denied the latter US Secretary of Commerce Howard Lutnick said the US is expecting a large investment pledge from Taiwan in trade talks, while President William Lai (賴清德) listed areas that need improvement in order for projects to be completed. “We’re in the midst of discussions,” Lutnick said on Wednesday. “But the fact is, this administration’s goal is to bring semiconductor manufacturing to America.” Lai on Wednesday said Taiwan is supportive of US President Donald Trump’s goal of reindustrializing the US, including efforts to ramp up semiconductor production. Such a goal would require the US to reduce its reliance on Taiwan as a key source
The demise of the coal industry left the US’ Appalachian region in tatters, with lost jobs, spoiled water and countless kilometers of abandoned underground mines. Now entrepreneurs are eyeing the rural region with ambitious visions to rebuild its economy by converting old mines into solar power systems and data centers that could help fuel the increasing power demands of the artificial intelligence (AI) boom. One such project is underway by a non-profit team calling itself Energy DELTA (Discovery, Education, Learning and Technology Accelerator) Lab, which is looking to develop energy sources on about 26,305 hectares of old coal land in
Netflix on Friday faced fierce criticism over its blockbuster deal to acquire Warner Bros Discovery. The streaming giant is already viewed as a pariah in some Hollywood circles, largely due to its reluctance to release content in theaters and its disruption of traditional industry practices. As Netflix emerged as the likely winning bidder for Warner Bros — the studio behind Casablanca, the Harry Potter movies and Friends — Hollywood’s elite launched an aggressive campaign against the acquisition. Titanic director James Cameron called the buyout a “disaster,” while a group of prominent producers are lobbying US Congress to oppose the deal,
RSS