The Financial Supervisory Commission (FSC) yesterday fined a businessman NT$6 million (US$194,521) for failure to meet shareholding reporting standards, the first time that a person has been punished for such a violation.
Lung Yen Life Service Corp (龍巖集團) chairman David Lee (李世聰) and six others, including his daughter, were fined for failing to report to the commission that they held a 9.06 percent stake in state-run Chang Hwa Commercial Bank (CHB, 彰化銀行).
Lung Yen is the nation’s top funeral services operator.
After Lee acquired a 5 percent stake in CHB in December 2014, he was required to submit a regulatory filing each time his holding in the state-run lender increased by more than 1 percentage point, Banking Bureau Deputy Director-General Sherri Chuang (莊琇媛) told a news conference.
The commission at the time urged Lee to give up on his ambition to own a 15 percent stake in CHB and 2015 filings showed that he had trimmed his holdings to 7.02 percent, Chuang said.
However, a probe by the commission in 2016 showed that Lee had diverted his CHB shares to a number of offshore vehicles, Chuang said, adding that Lee has failed to provide a satisfactory explanation for his CHB holdings.
In addition to the fine, Lee would be required to sell his excess 2.2 percent stake in the state-run lender, or more than 172 million shares, within one year, Chuang said.
FSC Chairman Wellington Koo (顧立雄) has been a major proponent of separation between financial and industrial enterprises as a means to prevent conflicts of interest and contagion risks, and to improve corporate governance.
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