The Financial Supervisory Commission (FSC) is investigating Taipei Fubon Commercial Bank (台北富邦銀行) after receiving an anonymous tip that bank president Roman Cheng (程耀輝) allegedly intended to approve a loan to a Chinese company for his own benefit, FSC Chairman Thomas Huang (黃天牧) said on Monday.
The Financial Examination Bureau sent personnel to the bank’s headquarters in Taipei on Friday last week to inspect the lending business of an overseas branch, Huang said.
Taipei Fubon should deliver its own investigation report within a week, he said.
“We would not wrong innocent people, but would also not let the guilty escape,” Huang said.
Cheng allegedly asked subordinates to approve a loan of US$30 million to a China-based company, ECMOHO Ltd (易恒健康), this month, despite the health supplement firm having borrowed US$25 million in 2018 and reported a first-quarter loss, Chinese-language media reported last week.
Cheng received a transfer of 1 million yuan (US$143,978) from a major shareholder of ECMOHO in August 2018 through an account in Cheng’s name, the reports said.
The loan to ECMOHO had a loan-to-value ratio — a gauge of lending risk — of 61.23 percent as of the end of last month, as the debtor used its own shares as collateral, but the stock has been falling, the reports said.
The commission would scrutinize the bank’s lending profile, internal controls and fund transfer information before determining whether Cheng was involved in the lending process, Banking Bureau Director Sherri Chuang (莊琇媛) said.
Taipei Fubon Bank chairman Eric Chen (陳聖德) said he believes that Cheng is innocent, as he no longer owns the account.
However, he would respect the commission’s investigation and decision, Chen said.
Taipei Fubon Bank said in a statement that Cheng only discussed with subordinates how to help clients weather the COVID-19 pandemic without increasing lending risks.
The bank dismissed media reports that Cheng had pressed employees to approve loans for his own benefit.
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