The Financial Supervisory Commission (FSC) imposed fines totaling NT$334 million (US$12.06 million) on financial companies last year, a record, mainly due to a series of thefts by customer-relations staff, commission data showed.
It was the second consecutive year that such fines surpassed NT$300 million, after NT$326 million in 2020, the data showed.
The Banking Bureau last year imposed NT$112.9 million in fines, up 29 percent from a year earlier as it punished several banks for contraventions of the Banking Act (銀行法), breaches that were exposed after customer-relations staff stole money from clients, the data showed.
The FSC in July fined Taishin International Bank
CTL fined over faulty beneficiary disclosure: FSC
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) yesterday fined Hong Kong-based Capital Target Ltd (CTL, 建群), a major shareholder of Jih Sun Financial Holding Co (日盛金控), NT$25 million (US$898,569) for its faulty beneficiary disclosure and ordered CTL to offload part of its stake in Jih Sun within a year.
CTL holds a 24.09 percent stake in Jih Sun and the commission would allow the company to retain a 5 percent stake, Banking Bureau Deputy Director Sherri Chuang (莊秀媛) told a videoconference, adding that its regulations require any shareholder with more than a 5 percent stake in a local financial conglomerate to reveal its beneficiaries.
FSC investigating suspicious spike in Jih Sun shares
By Kao Shih-ching
The Financial Supervisory Commission (FSC) has launched an insider trading probe, after Jih Sun Financial Holding Co’s (日盛金控) shares spiked on the Taipei Exchange before Fubon Financial Holding Co (富邦金控) announced its bid to acquire the firm, FSC Chairman Thomas Huang (黃天牧) said yesterday.
On Monday last week, 13.329 million Jih Sun shares were traded on the Taipei Exchange, 6.27 times more than the average daily trading volume of 2.125 million shares from Dec. 1 to Dec. 11, the exchange’s data showed.
That was four days before Fubon Financial announced that it planned to acquire at least 50 percent of Jih Sun’s shares at NT$13 per share.
Fubon Financial rejects rumors Jih Sun deal related to Chinese tycoon
12/21/2020 03:20 PM
CNA file photo
Taipei, Dec. 21 (CNA) Fubon Financial Holding Co., one of the leading financial holding companies in Taiwan, on Monday dismissed speculation that its deal to acquire the smaller Jih Sun Financial Holding Co. is aimed at helping the latter s Chinese tycoon shareholder to dispose of his assets for cash.
In a statement, Fubon Financial said before it announced on Friday a tender offer to acquire Jih Sun Financial that the company had never made any contact with any of the latter s two majority shareholders Japan s Shinsei Bank and Hong Kong-based Capital Target Ltd. which is reportedly owned by Chinese tycoon Xiao Jianhua (肖建華), head of the Chinese conglomerate Tomorrow Holding.
Fubon Financial rejects rumors on Jih Sun deal
SPECULATION: Fubon Financial said if it wanted to help Tomorrow Holding dispose of its assets, it would have acquired it directly, instead of going through Jih Sun
Staff writer, with CNA
Fubon Financial Holding Co (富邦金控) yesterday dismissed speculation that its bid to acquire smaller rival Jih Sun Financial Holding Co (日盛金控) is aimed at helping a Chinese shareholder dispose of his assets for cash.
Fubon Financial said in a statement that before it announced a tender offer on Friday to acquire Jih Sun, it had never made any contact with either of Jih Sun’s two majority shareholders Japan’s Shinsei Bank and Hong Kong-based Capital Target Ltd (建群投資).