CTBC Financial Holding Co (中信金控) yesterday tapped its chief risk officer Jack Cheng (鄭泰克) to serve as its president after his predecessor was handed a six-month suspension by the Financial Supervisory Commission (FSC) over a compliance lapse.
The company’s operations would not be affected by the heavy penalties meted out by the commission and that it found the outcome “regretful,” the firm said in a statement late on Tuesday.
CTBC Financial said that after investigators raided its offices on June 8 last year, a decision whether to provide any bail money related to the raid was added to the agenda of a board meeting scheduled to take place later the same day.
As the board had little information about the investigation, the directors gave their approval to the proposal to provide bail based on what they knew at the time.
The measure was aimed at preserving morale at the company, the firm said.
The board of directors was briefed on the handling of the bail money on Aug. 25 last year and it found no irregularities in the proceedings.
CTBC Financial president Daniel Wu (吳一揆) did not mislead the board of directors or overstep his authority as claimed by the regulator, the firm said, adding that the move did not violate the firm’s internal control and governance rules.
All of the bail money was reimbursed on June 13 last year, the first business day following the Dragon Boat Festival holiday, the company said.
The company also said that prior to the incident, it had never before provided bail money.
FSC Chairman Wellington Koo (顧立雄) yesterday presented an award recognizing the nation’s best brands to CTBC Bank Co (中國信託銀行) despite meting out the penalties to the parent company the previous day.
The infraction committed by CTBC Financial was unrelated to CTBC Bank, Koo said, adding that it is a well-run lender.
Koo said that he would continue to have zero tolerance for compliance lapses, in particular for repeat offenders.
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