The Financial Supervisory Commission yesterday fined a number of local lenders a total of NT$11.8 million (US$362,230) for their poor internal controls and lack of legal compliance.
Taiwan Business Bank (
The employee was fired and faces legal proceedings, while the bank's Lujou (
Chinatrust Commercial Bank (
The commission punished the two lenders because it said their debt collection agencies were threatening, insulting and harassing debtors.
The financial watchdog again reminded banks of their obligation to choose the companies they outsourced their collection services to very carefully and to oversee their operations. The banks bore the responsibility if their agents infringed on their clients' rights and interests, the commission said.
Land Bank of Taiwan (
The lender's grave error had in part led to the controversial resignation of Shih Che (史哲) from his position as president of the Bureau of Labor Insurance, as his bank account was discovered to have suddenly swollen by NT$391 million.
Shin Kong Insurance Co (
The insurer was also punished for failing to report its actions to the authority, thereby violating the Insurance Law (保險法) that aims to reduce investment risks and facilitate development and construction, according to the regulator.
Meanwhile, the regulator said it would scrap an earlier punishment meted out to China Development Financial Holding Corp (
Daniel Wu (
China Development's appointment of Tsao Wei-shih (
The regulator said last month that it would overrule all applications by China Development, including business expansion and investment plans, until the company followed the regulator's ruling and dismissed Wu from its board and the boards of its affiliates for his failure to avoid a conflict of interest in a hostile takeover attempt.
Macronix International Co (旺宏), the world’s biggest NOR flash memory supplier, yesterday said it would spend NT$22 billion (US$699.1 million) on capacity expansion this year to increase its production of mid-to-low-density memory chips as the world’s major memorychip suppliers are phasing out the market. The company said its planned capital expenditures are about 11 times higher than the NT$1.8 billion it spent on new facilities and equipment last year. A majority of this year’s outlay would be allocated to step up capacity of multi-level cell (MLC) NAND flash memory chips, which are used in embedded multimedia cards (eMMC), a managed
CULPRITS: Factors that affected the slip included falling global crude oil prices, wait-and-see consumer attitudes due to US tariffs and a different Lunar New Year holiday schedule Taiwan’s retail sales ended a nine-year growth streak last year, slipping 0.2 percent from a year earlier as uncertainty over US tariff policies affected demand for durable goods, data released on Friday by the Ministry of Economic Affairs showed. Last year’s retail sales totaled NT$4.84 trillion (US$153.27 billion), down about NT$9.5 billion, or 0.2 percent, from 2024. Despite the decline, the figure was still the second-highest annual sales total on record. Ministry statistics department deputy head Chen Yu-fang (陳玉芳) said sales of cars, motorcycles and related products, which accounted for 17.4 percent of total retail rales last year, fell NT$68.1 billion, or
In the wake of strong global demand for AI applications, Taiwan’s export-oriented economy accelerated with the composite index of economic indicators flashing the first “red” light in December for one year, indicating the economy is in booming mode, the National Development Council (NDC) said yesterday. Moreover, the index of leading indicators, which gauges the potential state of the economy over the next six months, also moved higher in December amid growing optimism over the outlook, the NDC said. In December, the index of economic indicators rose one point from a month earlier to 38, at the lower end of the “red” light.
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