Jko Fintech Co (街口金融科技) on Tuesday said that it would withdraw from the boardroom of Jko Asset Management Co (街口投信) and would not exercise control over that company’s operations, although it has a 25 percent stake in it.
Jko Fintech, which has two seats on Jko Asset’s board, would have its representatives resign at a board meeting on Thursday next week and would not appoint new board members, it said in a statement.
It would not sell its Jko Asset shares, but it would be a silent shareholder that would not be involved in the asset management house’s operations, such as business decisions or appointing a president, a firm representative told the Taipei Times by telephone.
Jko Fintech chairman Kevin Hu (胡亦嘉) last week said that he would not give in to the Financial Supervisory Commission, after it barred him from taking a seat on Jko Asset’s board over the launch of an unlawful investment service, Tuofu Bao (託付寶).
The commission also fined Jko Asset, as the firm let Hu launch the service without discussing the issue as a board meeting and ignored an internal audit report that said the service had legal issues.
Jko Fintech chose to leave Jko Asset’s boardroom completely as it wants to address its disagreement with the commission, Hu told the Taipei Times.
As the commission is worried that Jko Asset’s corporate governance would be affected by Jko Fintech’s involvement, “we hope to ease its concerns by staying away from Jko Asset’s operations and leaving the boardroom,” Hu said.
He said that he would still appeal the commission’s penalty, in a bid to clarify whether the Executive Yuan agrees with the commission’s punishment and to confirm whether Tuofu Bao was really illegal.
However, he would not return to the Jko Asset boardroom even if he wins, Hu said.
“Our leaving Jko Asset does not mean we have given developing new fintech services, but it is just that we know we need to adjust our strategy,” Hu said. “We will partner with other financial companies to work on new services.”
Jko Asset’s chairman seat remains empty as the commission last month rejected Hu’s application to take over as chair after Kao Wu-chung (高武忠) was removed, corporate data showed.
The asset management firm has no president either, after former president Richard Chuang (莊鈜富) resigned over the Tuofu Bao controversy.
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