Taiwanese banks, insurers and securities firms reduced their exposures to the Ukrainian and Russian markets by a total of NT$143.4 billion (US$4.9 billion) as of the end of last month, down by NT$74.5 billion from two months earlier, the Financial Supervisory Commission said yesterday.
The reduction in exposures was mainly due to the decline in the valuation of Russian bonds, as market prices dipped amid rising default risks since the outbreak of the war in Ukraine, the commission said.
Taiwanese life insurers had invested NT$104.6 billion in Russia, down 25 percent from NT$138.2 billion two months earlier, while no investment was made
The Financial Supervisory Commission (FSC) on Thursday penalized Shin Kong Financial Holding Co (新光金控) for poor corporate governance and lax internal controls, including a three-month suspension for company chairman Victor Hsu (許澎).
The commission also fined subsidiary Shin Kong Life Insurance Co (新光人壽) NT$3 million (US$105,623), cut Shin Kong Life Insurance chairman Pan Po-cheng’s (潘柏錚) salary by 30 percent for three months and banned the insurer from making transactions with six affiliated companies for three years.
Senior executives of Shin Kong Financial Holding and its subsidiaries, which also include Shin Kong Commercial Bank (新光銀行) and Master Link Securities Corp (元富證券), attended four
Four local life insurers have reported combined credit losses of NT$8.4 billion (US$295.4 million) from their exposure to Russian bonds amid Russia’s invasion of Ukraine, the Financial Supervisory Commission (FSC) said yesterday.
The estimated losses accounted for 6 percent of the total booking value of the NT$138.2 billion in Russian bonds they held as of the end of last month, the commission said.
However, the losses did not factor in the fast depreciation of the ruble, which remains under selling pressure following a spate of punitive measures that the US and its allies imposed against Russia.
Yesterday, the Russian currency was down 11
The Financial Supervisory Commission (FSC) found “some inappropriate practices” during an investigation into whether Shin Kong Financial Holding Co (新光金控) took orders from its former chairman Eugene Wu (吳東進), the commission said yesterday.
The commission began its probe in November last year, after Democratic Progressive Party (DPP) Legislator Michelle Lin (林楚茵) said that Wu had allegedly attended four meetings with senior Shin Kong Financial managers, giving them instructions regarding the firm’s credit card and land development operations.
In September 2020, the commission suspended Wu as chairman of Shin Kong Financial’s life insurer unit, Shin Kong Life Insurance Co (新光人壽). It also banned
The Financial Supervisory Commission (FSC) has requested Shin Kong Financial Holding Co (新光金控) to investigate whether former chairman Eugene Wu (吳東進) had contravened a commission-imposed ban on his involvement in the firm’s management.
FSC Chairman Thomas Huang (黃天牧) told a meeting of the legislature’s Finance Committee on Thursday that it has tasked the firm’s three independent directors to lead the investigation, after the Banking Bureau was days earlier tipped off about Wu allegedly giving instructions to the management.
The three directors were instructed to submit their findings to the commission as soon as possible, he added.
Huang’s remarks came after Democratic Progressive