Suspended Financial Supervisory Commission (FSC) Chairman Kong Jaw-sheng (
"I have been suspended and I will leave ... it is impossible for me to return to the post," Kong told reporters yesterday.
"I respect the Cabinet's decision. But I came in [to the position of FSC chairman] with a clean reputation and I hope to leave with one," Kong said.
PHOTO: AP
He repeated these sentiments several times during the press conference, but shied away from giving a date for his resignation.
Stressing that he held himself to high moral standards and had a clear conscience, Kong said: "I am in this situation today because I got in the way of certain interest groups as the head of an independent financial supervisor, whose duties always involve interests worth tens of billions of dollars."
The official, who said he was politically naive, declined to identify the "interest groups" to which he referred.
Looking solemn but tired, Kong made the remarks at a media briefing yesterday after three days of silence following the Cabinet's unexpected decision to suspend him late last Friday.
Kong was questioned for about 13 hours and released on bail of NT$500,000 (US$15,800) last Thursday by the Taipei District Prosecutors Office, which is investigating claims he conducted public business for private gain during his chairmanship at the state-run Taiwan Sugar Corp (Taisugar,
He was accused of awarding Taisugar's upscale cosmetics franchise to a certain company without going through the regulatory procurement process as well as bypassing government procurement requirements and hiring his sister-in-law as a paid consultant to the company's coffee shop business.
Kong was nominated to chair the FSC by the premier at the time, Yu Shyi-kun, and approved by President Chen Shui-bian (
As the position of FSC chairman has a four-year tenure, and the nation's highest financial regulator is supposed to be immune to political influence in order to safeguard the independent status of financial policy-making, some have questioned whether it is possible for Kong to be forcibly removed.
The confrontation between Kong and the Cabinet appeared to escalate yesterday as the government said it stood by its decision on Kong's suspension.
Premier Su Tseng-chang (
The ruling was made with prudence and legitimacy, and would not be changed, Cheng said, adding that the Cabinet expected Kong to make a "wise decision" as soon as possible.
Denying the allegations against him, Kong said it did not make sense that he would give up a well-paid job at an international investment banking business to make relatively small profits through corruption as a public servant on a much smaller salary.
Kong spent 20 years in the financial industry before entering the public sector, serving as a national manager for Credit Suisse First Boston and president of Lehman Brothers Holding Inc's Taiwan unit.
In light of recent developments, legislators are planning to amend regulations and set up a mechanism to dismiss corrupt officials who are in positions that enjoy political immunity.
Another such position of safety is that of governor of the central bank.
HANDOVER POLICY: Approving the probe means that the new US administration of Donald Trump is likely to have the option to impose trade restrictions on China US President Joe Biden’s administration is set to initiate a trade investigation into Chinese semiconductors in the coming days as part of a push to reduce reliance on a technology that US officials believe poses national security risks. The probe could result in tariffs or other measures to restrict imports on older-model semiconductors and the products containing them, including medical devices, vehicles, smartphones and weaponry, people familiar with the matter said. The investigation examining so-called foundational chips could take months to conclude, meaning that any reaction to the findings would be left to the discretion of US president-elect Donald Trump’s incoming team. Biden
INVESTMENT: Jun Seki, chief strategy officer for Hon Hai’s EV arm, and his team are currently in talks in France with Renault, Nissan’s 36 percent shareholder Hon Hai Precision Industry Co (鴻海精密), the iPhone maker known as Foxconn Technology Group (富士康科技集團) internationally, is in talks with Nissan Motor Co’s biggest shareholder Renault SA about its willingness to sell its shares in the Japanese automaker, the Central News Agency (CNA) said, citing people it did not identify. Nissan and fellow Japanese automaker, Honda Motor Co, are exploring a merger that would create a rival to Toyota Motor Corp in Japan and better position the combined company to face competitive challenges around the world, people familiar with the matter said on Wednesday. However, one potential spanner in the works is
HON HAI LURKS: The ‘Nikkei’ reported that Foxconn’s interest in Nissan accelerated the Honda-merger effort out of fears it might be taken over by the Taiwanese firm Nissan Motor Co has become the latest buyout target in Japan as it explores a merger with Honda Motor Co and faces an overture from Hon Hai Precision Industry Co (鴻海精密), known as Foxconn Technology Group (富士康科技集團) internationally. Shares in Nissan yesterday jumped 24 percent, the most on record, to hit the daily limit, after the two Japanese automakers acknowledged that talks are ongoing to better position themselves for competitive challenges during a time of upheaval in the global auto industry. Foxconn — a Taipei-based manufacturer of iPhones, which has been investing heavily in factories to build electric vehicles — has also
Call it an antidote to fast fashion: Japanese jeans hand-dyed with natural indigo and weaved on a clackety vintage loom, then sold at a premium to global denim connoisseurs. Unlike their mass-produced cousins, the tough garments crafted at the small Momotaro Jeans factory in southwest Japan are designed to be worn for decades, and come with a lifetime repair warranty. On site, Yoshiharu Okamoto gently dips cotton strings into a tub of deep blue liquid, which stains his hands and nails as he repeats the process. The cotton is imported from Zimbabwe, but the natural indigo they use is harvested in Japan —
RSS