Financial Supervisory Commission (FSC) Chairman Ding Kung-wha (丁克華) and Vice Chairman Kuei Hsien-nung (桂先農) yesterday resigned over issues involving Mega International Commercial Bank’s (兆豐銀行) New York branch and XPEC Entertainment Inc (樂陞科技).
FSC Vice Chairman Huang Tien-mu (黃天牧) will be the commission’s acting chairman, the Executive Yuan said.
Ding on Saturday last week offered a verbal resignation to Premier Lin Chuan (林全), who rejected it, but Ding lodged another resignation on Sunday, which Lin approved, Executive Yuan spokesman Hsu Kuo-yung (徐國勇) said.
Photo: Huang Yao-cheng, Taipei Times
“To claim responsibility [for the Mega International and the XPEC case], Ding tendered his formal resignation yesterday, which was ... reported to President Tsai Ing-wen (蔡英文),” Hsu said.
Mega Bank’s New York branch was fined for breaches of US money laundering regulations, while XPEC was involved in a proposed takeover that failed, causing major losses for investors.
The president said she “respected” Lin’s decision, Hsu said.
Kuei, who was appointed alongside Ding, had to resign in accordance with the political appointments system, Hsu said.
Hsu said he did not know whether Ding resigned due to pressure from lawmakers and critics.
Ding said in the letter that he had to resign to “protect his integrity,” while Hsu supported the media’s right to question government officials.
“To prevent further effects on and misgivings about the commission, I have no other choice but to resign,” Ding said in a separate statement.
The FSC has achieved its intermediate goals that would pave the way toward bolstering regulatory standards for the nation’s financial sector, as well as placing responsibilities on companies involved in Bai Chi Gan Tou Digital Entertainment Co’s (百尺竿頭) botched bid to acquire XPEC, he said.
Hsu said there was no information on whether the resignations, along with the change of former Executive Yuan spokesman Tung Chen-yuan (童振源), was a preface to a minor Cabinet reshuffle.
When asked whether Lin lost his authority over Cabinet appointments, Hsu said, “the premier’s authority is intact and he saw to the appointments of myself and others.”
The Executive Yuan will seek suitable candidates to replace Ding and Kuei, Hsu said, adding that there are plenty of candidates in the financial sector.
The FSC would propose measures to reinforce oversight of financial institutions at a meeting called by an Executive Yuan task force to address the Mega Bank case, he said.
Meanwhile, Taiwan Stock Exchange (TWSE) chairman Shih Jun-ji (施俊吉) denied reports that he has been tapped as a candidate for the FSC chairmanship.
“I have no knowledge of a decision over the appointment,” Shih told the Taipei Times by telephone, adding that market rumors should be ignored.
“Three months into my appointment as TWSE chairman, there are still many tasks that must be completed,” Shih said.
Additional reporting by Ted Chen
GEARING UP: An invasion would be difficult and would strain China’s forces, but it has conducted large-scale training supporting an invasion scenario, the report said China increased its military pressure on Taiwan last year and took other steps in preparation for a potential invasion, an annual report published by the US Department of Defense on Wednesday showed. “Throughout 2023, Beijing continued to erode longstanding norms in and around Taiwan by employing a range of pressure tactics against Taiwan,” the report said, which is titled “Military and Security Developments Involving the People’s Republic of China (PRC) 2024.” The Chinese People’s Liberation Army (PLA) “is preparing for a contingency to unify Taiwan with the PRC by force, if perceived as necessary by Beijing, while simultaneously deterring, delaying or denying
‘ONE BRIDGE’: The US president-elect met with Akie Abe on Dec. 15 in Florida and the two discussed a potential Taiwan-China conflict’s implications for world peace US president-elect Donald Trump has described Taiwan as “a major issue for world peace” during a meeting with Akie Abe, the widow of late Japanese prime minister Shinzo Abe, Japanese newspaper the Yomiuri Shimbun quoted sources as saying in a report yesterday. Trump met with Akie Abe on Dec. 15 at the Mar-a-Lago estate in Florida, where the two discussed the Russo-Ukrainian war and the situation in the Taiwan Strait. During the meeting, Trump spoke on the implications for world peace of a potential Taiwan-China conflict, which “indicated his administration’s stance of placing importance on dealing with the situation in
QUICK LOOK: The amendments include stricter recall requirements and Constitutional Court procedures, as well as a big increase in local governments’ budgets Portions of controversial amendments to tighten requirements for recalling officials and Constitutional Court procedures were passed by opposition lawmakers yesterday following clashes between lawmakers in the morning, as Democratic Progressive Party (DPP) members tried to block Chinese Nationalist Party (KMT) legislators from entering the chamber. Parts of the Public Officials Election and Recall Act (公職人員選舉罷免法) and Constitutional Court Procedure Act (憲法訴訟法) passed the third reading yesterday. The legislature was still voting on various amendments to the Act Governing the Allocation of Government Revenues and Expenditures (財政收支劃分法) as of press time last night, after the session was extended to midnight. Amendments to Article 4
ALLIANCE: Washington continues to implement its policy of normalizing arms sales to Taiwan and helps enhance its defense, the Ministry of Foreign Affairs said US President Joe Biden on Friday agreed to provide US$571.3 million in defense support for Taiwan, the White House said, while the US State Department approved the potential sale of US$265 million in military equipment. Biden had delegated to the secretary of state the authority “to direct the drawdown of up to US$571.3 million in defense articles and services of the Department of Defense, and military education and training, to provide assistance to Taiwan,” the White House said in a statement. However, it did not provide specific details about this latest package, which was the third of its kind to
RSS