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Taichung Bank hit with NT$12M fine for regulatory breaches
Taiwan’s Financial Supervisory Commission (FSC) has fined Taichung Bank NT$12 million for ineffective internal control systems and violations of banking regulations. The bank’s chairman, Wang Kuei-fong, allegedly diverted NT$1 billion in public funds, resulting in his arrest and bail set at NT$15 million. The FSC discovered that Taichung Bank’s insurance subsidiaries had close ties to specific credit customers and their related companies, leading to questionable trading decisions and unsatisfactory internal controls. Wang will be suspended for three months and may face additional fines. The issue was uncovered during a financial inspection in February 2023. Taichung Bank had been leasing aircraft since 2020 to expand overseas business, but neglected their utilization for 13 months, leading to inappropriate decision-making. The bank also leased high-priced official cars for VIP pickups at a monthly rate of NT$820,000, but the vehicles were only used twice during the lease period, raising concerns about cost-effectiveness.2024/02/01 18:04 -
Taiwan’s Foreign Ministry rebukes Elon Musk’s China comments
Taiwan’s Ministry of Foreign Affairs (MOFA) issues a strong rebuke to Elon Musk’s recent comments suggesting Taiwan is part of China. Experts speculate on the motives behind Musk’s statements, pointing to his business ties with China. Get the latest updates on this diplomatic dispute.2023/09/15 20:16 -
China unveils new plan for cross-strait integration
Beijing’s new plan aims to foster closer integration between Taiwan and the Fujian province by promoting residency applications for Taiwanese, easing business sector restrictions, and encouraging property investment. Learn about the latest developments in Taiwan-Fujian relations.2023/09/14 20:19