Democratic Progressive Party Legislator Tien Chiu-chin (
The two accounting companies are the Taiwan branch of Ernst & Young (
The government must review and restructure the financial system to restore the public's confidence, Tien told a press conference.
PHOTO: WALLY SANTANA, AP
The accounting companies involved must be held responsible for failing in their responsibilities, she added.
Tien said that to comply with the Securities and Exchange Law (
She urged the FSC to propose bills modeled on the US' Sarbanes-Oxley Act, also known as the Public Company Accounting Reform and Investor Protection Act of 2002 -- which was proposed after a series of scandals involving a number of US firms including Enron Corp, which applied for bankruptcy in 2001.
At the end of 2001, it was revealed that Enron's financial problems had been intentionally masked by accounting fraud. Several top Enron executive officers walked away from the company's collapse with about US$1 billion.
The bill, proposed by US Senator Paul Sarbanes and Representative Michael Oxley, allowed the US government to establish the Public Company Accounting Oversight Board to supervise listed companies.
The bill also ensures that companies disclose their financial reports and sets restrictions on the behavior of top company executive officers.
Chang Shu-hui (張淑惠), a section chief of the Securities and Futures Bureau under the FSC, said the bureau had resolved on Tuesday to revoke the qualifications of two accountants who endorsed the books of Rebar Group firms.
The Ministry of Economic Affairs has fined Taobao NT$1.2 million (US$36,900) for advertisements that exceeded its approved business scope and ordered the Chinese e-commerce platform to make corrections in the first half of this year or its license would be revoked. Lawmakers have called for stricter supervision of Chinese e-commerce platforms and more stringent measures to prevent China from laundering its goods through Taiwan as US President Donald Trump’s administration cracks down on origin laundering. The legislature’s Finance Committee yesterday met to discuss policies to prevent China from dumping goods in Taiwan, inviting government agencies to report on the matter. Democratic Progressive Party
Taiwan and its Pacific ally Tuvalu on Tuesday signed two accords aimed at facilitating bilateral cooperation on labor affairs, according to Taiwan’s Ministry of Foreign Affairs (MOFA). The governments inked two agreements in Taipei, witnessed by Foreign Minister Lin Chia-lung (林佳龍) and visiting Deputy Tuvaluan Prime Minister Panapasi Nelesone, MOFA said in a news release. According to MOFA, the agreements will facilitate cooperation on labor issues and allow the two sides to mutually recognize seafarers’ certificates and related training. Taiwan would also continue to collaborate with Tuvalu across various fields to promote economic prosperity as well as the well-being of their
The Taipei District Prosecutors’ Office has continued its investigation into allegations of forged signatures in recall efforts today by searching the Chinese Nationalist Party’s (KMT) city chapter and questioning several personnel including the chapter director, according to media reports. Among those questioned and detained were KMT Taipei chapter director Huang Lu Chin-ju (黃呂錦茹), chapter secretary-general Chu Wen-ching (初文卿), chapter secretary Yao Fu-wen (姚富文) and first district committee executive director Tseng Fan-chuan (曾繁川). Prosecutors said they would not confirm reports about who had been summoned. The investigation centers on allegations that the ongoing recall campaigns targeting Democratic Progressive Party legislators Rosalia Wu (吳思瑤)
Several Chinese Nationalist Party (KMT) officials including Chairman Eric Chu (朱立倫) are to be summoned for questioning and then transferred to prosecutors for holding an illegal assembly in Taipei last night, the Taipei Police said today. Chu and two others hosted an illegal assembly and are to be requested to explain their actions, the Taipei City Police Department's Zhongzheng (中正) First Precinct said, referring to a protest held after Huang Lu Chin-ju (黃呂錦茹), KMT Taipei's chapter director, and several other KMT staffers were questioned for alleged signature forgery in recall petitions against Democratic Progressive Party (DPP) legislators. Taipei prosecutors had filed
RSS