Bank of Kaohsiung chairman Lee Ruey-tsang (李瑞倉) was yesterday appointed as the chairman of the Financial Supervisory Commission amid a crisis engulfing the nation’s highest financial regulatory body.
Premier Lin Chuan (林全) feels that Lee has the ability to lead the commission, based on Lee’s experience as a close aide during Lin’s tenure as minister of finance, Executive Yuan spokesman Hsu Kuo-yung (徐國勇) said.
“Lee worked with Lin for a long time when Lin was at the ministry, so the premier has a considerable understanding of Lee’s abilities and perspectives,” Hsu said.
Lee, a graduate of National Chengchi University’s Department of Land Finance, served as acting minister and vice minister of the ministry and as the director-general of the National Property Administration.
“Although Lee’s background is in land administration, there should be no problem regarding his qualifications,” Hsu said, in response to questions about Lee’s qualifications.
Lee’s appointment at the bank was based on a recommendation by Lin, who has decided to reassign him to the commission, Hsu said, when asked if Kaohsiung Mayor Chen Chu (陳菊) had made suggestions regarding Lee’s position.
Lee is to take over from commission Acting Chairman Huang Tien-mu (黃天牧), who filled the post after former chairman Ding Kung-wha (丁克華) resigned on Oct. 3 to assume responsibility for Mega International Commercial Bank’s (兆豐銀行) violation of US money laundering laws and a failed tender offer involving XPEC Entertainment Inc (樂陞科技).
The New York Department of Financial Services in August fined Mega Bank’s New York branch US$180 million fine over its failure to comply with money-laundering regulations and a lack of a compliance oversight.
A failed acquisition of XPEC by a Japanese-run firm is rumored to have been a scheme to cheat investors, as XPEC’s stock price soared on the news of the acquisition in May, but plummeted in August after the tender offer was rescinded.
Lin and Lee are to discuss the appointment of a new vice chairperson for the commission, Hsu said.
DEFENSE: The first set of three NASAMS that were previously purchased is expected to be delivered by the end of this year and deployed near the capital, sources said Taiwan plans to procure 28 more sets of M-142 High Mobility Artillery Rocket Systems (HIMARS), as well as nine additional sets of National Advanced Surface-to-Air Missile Systems (NASAMS), military sources said yesterday. Taiwan had previously purchased 29 HIMARS launchers from the US and received the first 11 last year. Once the planned purchases are completed and delivered, Taiwan would have 57 sets of HIMARS. The army has also increased the number of MGM-140 Army Tactical Missile Systems (ATACMS) purchased from 64 to 84, the sources added. Each HIMARS launch pod can carry six Guided Multiple Launch Rocket Systems, capable of
TRAJECTORY: The severe tropical storm is predicted to be closest to Taiwan on Wednesday and Thursday, and would influence the nation to varying degrees, a forecaster said The Central Weather Administration (CWA) yesterday said it would likely issue a sea warning for Tropical Storm Podul tomorrow morning and a land warning that evening at the earliest. CWA forecaster Lin Ting-yi (林定宜) said the severe tropical storm is predicted to be closest to Taiwan on Wednesday and Thursday. As of 2pm yesterday, the storm was moving west at 21kph and packing sustained winds of 108kph and gusts of up to 136.8kph, the CWA said. Lin said that the tropical storm was about 1,710km east of Oluanpi (鵝鑾鼻), Taiwan’s southernmost tip, with two possible trajectories over the next one
Tropical Storm Podul strengthened into a typhoon at 8pm yesterday, the Central Weather Administration (CWA) said, with a sea warning to be issued late last night or early this morning. As of 8pm, the typhoon was 1,020km east of Oluanpi (鵝鑾鼻), Taiwan’s southernmost tip, moving west at 23kph. The storm carried maximum sustained winds of 119kph and gusts reaching 155kph, the CWA said. Based on the tropical storm’s trajectory, a land warning could be issued any time from midday today, it added. CWA forecaster Chang Chun-yao (張竣堯) said Podul is a fast-moving storm that is forecast to bring its heaviest rainfall and strongest
CRITICISM: It is deeply regrettable that China, which is pursuing nuclear weapons, has suppressed Taiwan, which is pursuing peace, a government official said Representative to Japan Lee Yi-yang (李逸洋) yesterday accused Beijing of interference after Taiwan’s official delegation to the Nagasaki Peace Memorial Ceremony in Japan was assigned seating in the “international non-governmental organizations [NGO]” area. “Taiwan is by no means an international NGO, but a sovereign nation that is active on the international stage,” Lee said. Lee and Chen Ming-chun (陳銘俊), head of the Taipei Economic and Cultural Office (TECO) in Fukuoka, attended the ceremony in Nagasaki yesterday, which marked the 80th anniversary of the atomic bombing of the city. That followed Lee’s attendance at the Hiroshima Peace Memorial Ceremony on Wednesday
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