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Taichung Bank hit with NT$12M fine for regulatory breaches

Reporter TVBS News Staff
Release time:2024/02/01 18:04
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Taichung Bank hit with NT$12M fine for regulatory breaches (TVBS News) Taichung Bank hit with NT$12M fine for regulatory breaches
Taichung Bank hit with NT$12M fine for regulatory breaches (TVBS News)

TAIPEI (TVBS News) — Taiwan's Financial Supervisory Commission (FSC) announced on Thursday (Feb. 1) that it will fine Taichung Bank NT$12 million for ineffective internal control systems and violations of banking regulations.

Wang Kuei-fong, the bank's chairman, allegedly diverted NT$1 billion in public funds, leading to his arrest by prosecutors and bail set at NT$15 million.

 

According to the FSC, Taichung Bank's insurance subsidiaries have been closely associated with specific credit customers and their related companies, paying over NT$1 billion in rent, marking an obvious deviation in trading decisions and unsatisfactory internal control systems. 

As a result, Wang will be suspended for three months and could face a further fine, the bank stated.

Roger Lin, deputy director-general of the Banking Bureau, said the issue was uncovered during a financial inspection in February 2023.
 

Taichung Bank has been leasing aircraft since 2020 to expand overseas business; however, neglecting its utilization for 13 months, causing inappropriate decision-making.

Lin also pointed out that the bank leased high-priced official cars for VIP pickups at a monthly rate of NT$820,000, yet the vehicles were only used twice during the lease period, which does not match cost-effectiveness.

Taiwan Business

#Taichung Bank# banking regulations# internal control systems# public funds# financial inspection# overseas business# cost-effectiveness# ineffective internal control systems# violations of banking regulations# diverted public funds
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