The Financial Supervisory Commission (FSC) has requested Shin Kong Financial Holding Co (新光金控) to investigate whether former chairman Eugene Wu (吳東進) had contravened a commission-imposed ban on his involvement in the firm’s management.
FSC Chairman Thomas Huang (黃天牧) told a meeting of the legislature’s Finance Committee on Thursday that it has tasked the firm’s three independent directors to lead the investigation, after the Banking Bureau was days earlier tipped off about Wu allegedly giving instructions to the management.
The three directors were instructed to submit their findings to the commission as soon as possible, he added.
Taipei Times file photo
Huang’s remarks came after Democratic Progressive Party (DPP) Legislator Michelle Lin (林楚茵) told the meeting that Wu had since last month allegedly attended four meetings with senior Shin Kong Financial managers, instructing them on the firm’s credit card and land development operations.
Citing tips from whistle-blowers, Lin said that the meetings were held at Jasper Villa Banqiao in New Taipei City and Jasper Villa Tianmu in Taipei — two hotels managed by the holding company’s life insurance unit, Shin Kong Life Insurance Co (新光人壽).
The meetings — on Oct. 1 and 2, Oct. 7 and 8, Oct. 22 and 23, and Nov. 7 — show that Wu has substantial command over the company, despite holding no formal position, Lin said.
Huang said that an outside person who has control over or interferes with a company’s business might contravene the Company Act (公司法).
Wu retired from Shin Kong Financial in June last year, but continued to serve as the chairman of the life insurance arm until the commission suspended him in September last year, citing his poor supervision and fining Shin Kong Life Insurance NT$27.6 million (US$992,984).
The commission barred Wu from the firm’s board until his term ends in June 2023 and prohibited him from involvement in the company’s business.
Shin Kong Financial declined to comment on the issue, saying that it awaits the outcome of the investigation.
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