The Financial Supervisory Commission (FSC) found “some inappropriate practices” during an investigation into whether Shin Kong Financial Holding Co (新光金控) took orders from its former chairman Eugene Wu (吳東進), the commission said yesterday.
The commission began its probe in November last year, after Democratic Progressive Party (DPP) Legislator Michelle Lin (林楚茵) said that Wu had allegedly attended four meetings with senior Shin Kong Financial managers, giving them instructions regarding the firm’s credit card and land development operations.
In September 2020, the commission suspended Wu as chairman of Shin Kong Financial’s life insurer unit, Shin Kong Life Insurance Co (新光人壽). It also banned him from the board until his term ends in June next year and from being involved in the company’s business.
Photo courtesy of Shin Kong Financial Holding Co
The commission’s investigation was based on Financial Examination Bureau findings, reports from Shin Kong Financial’s audit commission and records of interviews with people who were in the alleged meetings, Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) told a news conference.
“We have found some behaviors that were not appropriate, and have asked the financial company to explain them,” Lin said, adding that the company must submit its explanation by Friday.
The interviews were conducted by Shin Kong Financial’s independent board of directors, but as the records’ authenticity had to be verified, the FSC interviewed the relevant parties before the Lunar New Year holiday, Lin added.
The commission has not reached a decision on whether to levy a fine, as it is awaiting an explanation from the company, Lin said.
FSC Chairman Thomas Huang (黃天牧) said earlier that an outside person who has control over or interferes with a company’s business might be in contravention of the Company Act (公司法).
Shin Kong’s share price fell 2.55 percent to NT$11.45 in Taipei trading yesterday.
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