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as XPEC’s stock price soared on the news of the acquisition in May, but plummeted in August after the tender offer was rescinded.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.
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