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as XPEC’s stock price soared on the news of the acquisition in May, but plummeted in August after the tender offer was rescinded.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.
A magnitude 7.0 earthquake struck off Yilan at 11:05pm yesterday, the Central Weather Administration (CWA) said. The epicenter was located at sea, about 32.3km east of Yilan County Hall, at a depth of 72.8km, CWA data showed There were no immediate reports of damage. The intensity of the quake, which gauges the actual effect of a seismic event, measured 4 in Yilan County area on Taiwan’s seven-tier intensity scale, the data showed. It measured 4 in other parts of eastern, northern and central Taiwan as well as Tainan, and 3 in Kaohsiung and Pingtung County, and 2 in Lienchiang and Penghu counties and 1
FOREIGN INTERFERENCE: Beijing would likely intensify public opinion warfare in next year’s local elections to prevent Lai from getting re-elected, the ‘Yomiuri Shimbun’ said Internal documents from a Chinese artificial intelligence (AI) company indicated that China has been using the technology to intervene in foreign elections, including propaganda targeting Taiwan’s local elections next year and presidential elections in 2028, a Japanese newspaper reported yesterday. The Institute of National Security of Vanderbilt University obtained nearly 400 pages of documents from GoLaxy, a company with ties to the Chinese government, and found evidence that it had apparently deployed sophisticated, AI-driven propaganda campaigns in Hong Kong and Taiwan to shape public opinion, the Yomiuri Shimbun reported. GoLaxy provides insights, situation analysis and public opinion-shaping technology by conducting network surveillance
Taiwan is gearing up to celebrate the New Year at events across the country, headlined by the annual countdown and Taipei 101 fireworks display at midnight. Many of the events are to be livesteamed online. See below for lineups and links: Taipei Taipei’s New Year’s Party 2026 is to begin at 7pm and run until 1am, with the theme “Sailing to the Future.” South Korean girl group KARA is headlining the concert at Taipei City Hall Plaza, with additional performances by Amber An (安心亞), Nick Chou (周湯豪), hip-hop trio Nine One One (玖壹壹), Bii (畢書盡), girl group Genblue (幻藍小熊) and more. The festivities are to
AFTERMATH: The Taipei City Government said it received 39 minor incident reports including gas leaks, water leaks and outages, and a damaged traffic signal A magnitude 7.0 earthquake struck off Taiwan’s northeastern coast late on Saturday, producing only two major aftershocks as of yesterday noon, the Central Weather Administration (CWA) said. The limited aftershocks contrast with last year’s major earthquake in Hualien County, as Saturday’s earthquake occurred at a greater depth in a subduction zone. Saturday’s earthquake struck at 11:05pm, with its hypocenter about 32.3km east of Yilan County Hall, at a depth of 72.8km. Shaking was felt in 17 administrative regions north of Tainan and in eastern Taiwan, reaching intensity level 4 on Taiwan’s seven-tier seismic scale, the CWA said. In Hualien, the
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