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as XPEC’s stock price soared on the news of the acquisition in May, but plummeted in August after the tender offer was rescinded.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.
NATIONAL SECURITY THREAT: An official said that Guan Guan’s comments had gone beyond the threshold of free speech, as she advocated for the destruction of the ROC China-born media influencer Guan Guan’s (關關) residency permit has been revoked for repeatedly posting pro-China content that threatens national security, the National Immigration Agency said yesterday. Guan Guan has said many controversial things in her videos posted to Douyin (抖音), including “the red flag will soon be painted all over Taiwan” and “Taiwan is an inseparable part of China,” while expressing hope for expedited “reunification.” The agency received multiple reports alleging that Guan Guan had advocated for armed reunification last year. After investigating, the agency last month issued a notice requiring her to appear and account for her actions. Guan Guan appeared as required,
A strong cold air mass is expected to arrive tonight, bringing a change in weather and a drop in temperature, the Central Weather Administration (CWA) said. The coldest time would be early on Thursday morning, with temperatures in some areas dipping as low as 8°C, it said. Daytime highs yesterday were 22°C to 24°C in northern and eastern Taiwan, and about 25°C to 28°C in the central and southern regions, it said. However, nighttime lows would dip to about 15°C to 16°C in central and northern Taiwan as well as the northeast, and 17°C to 19°C elsewhere, it said. Tropical Storm Nokaen, currently
PAPERS, PLEASE: The gang exploited the high value of the passports, selling them at inflated prices to Chinese buyers, who would treat them as ‘invisibility cloaks’ The Yilan District Court has handed four members of a syndicate prison terms ranging from one year and two months to two years and two months for their involvement in a scheme to purchase Taiwanese passports and resell them abroad at a massive markup. A Chinese human smuggling syndicate purchased Taiwanese passports through local criminal networks, exploiting the passports’ visa-free travel privileges to turn a profit of more than 20 times the original price, the court said. Such criminal organizations enable people to impersonate Taiwanese when entering and exiting Taiwan and other countries, undermining social order and the credibility of the nation’s
‘SALAMI-SLICING’: Beijing’s ‘gray zone’ tactics around the Pratas Islands have been slowly intensifying, with the PLA testing Taiwan’s responses and limits, an expert said The Ministry of National Defense yesterday condemned an intrusion by a Chinese drone into the airspace of the Pratas Islands (Dongsha Islands, 東沙群島) as a serious disruption of regional peace. The ministry said it detected the Chinese surveillance and reconnaissance drone entering the southwestern parts of Taiwan’s air defense identification zone early yesterday, and it approached the Pratas Islands at 5:41am. The ministry said it immediately notified the garrison stationed in the area to enhance aerial surveillance and alert levels, and the drone was detected in the islands’ territorial airspace at 5:44am, maintaining an altitude outside the effective range of air-defense weaponry. Following
RSS