Last week, Taishin Financial Holding Co and the Ministry of Finance announced that they had settled a dispute over state-run Chang Hwa Commercial Bank’s management rights, with Taishin Financial withdrawing its Supreme Court case against the ministry. Taishin Financial also sold 1.048 billion Chang Hwa Bank shares to other financial institutions for NT$19.09 billion (US$636.97 million), or NT$18.2 per share, in a block trade, the company said in a regulatory filing. The agreement ended a 17-year dispute, but at great cost.
In 2005, Taishin Financial outbid six competitors to purchase Chang Hwa Bank’s 1.4 billion special shares for NT$36.57 billion, or
Taishin Financial Holding Co (台新金控) has settled a dispute with the Ministry of Finance over the management rights in Chang Hwa Bank (CHB, 彰化銀行) and withdrawn its Supreme Court case against the ministry, the company said yesterday.
“We have filed a notice of withdrawal with the Supreme Court, after the ministry and Taishin obtained a satisfactory consensus thanks to the coordination of the Supreme Court judges and mediators,” Taishin Financial president Welch Lin (林維俊) told a news conference at the Taiwan Stock Exchange in Taipei.
The dispute began when Taishin Financial filed a lawsuit against the ministry in December 2014, alleging