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(台新金控) has settled a dispute with the Ministry of Finance over the management rights in Chang Hwa Bank (CHB, 彰化銀行) and withdrawn its Supreme Court case against the ministry, the company said yesterday.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
Taishin Financial Holding Co (台新金控) yesterday reported that net profit in the first quarter plunged 52 percent to NT$2.1 billion (US$71.13 million) from a year earlier, as the company failed to realize an investment gain from its shares in Chang Hwa Commercial Bank (CHB, 彰化銀行) and it set aside a greater reserve for an additional payment to Prudential Financial Inc.
The company last year agreed to buy Prudential Life Insurance Co of Taiwan (保德信人壽) for NT$5.5 billion in a deal that required it to pay more to the US-based insurer if interest rates rose before the end of next month, Taishin
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