‘REPEATEDLY FALTERED’: The company acted against the interests of its stakeholders by providing bail money without verifying the innocence of the suspects, the FSC said
Date: Dec 06, 2017
By: Ted Chen / Staff reporter
The Financial Supervisory Commission (FSC) yesterday meted out penalties to CTBC Financial Holding Co (中信金控) for providing total bail money of NT$100 million (US$3.33 million) to a number of employees, but mostly to a major shareholder, who were charged with embezzlement in June last year.
The commission fined the company NT$10 million and suspended company president Daniel Wu (吳一揆) and chief compliance officer Aaron King (金延華) for six months and three months, respectively.
By providing the bail money without verifying the innocence of the defendants, the company acted against the interests of its stakeholders and violated compliance and internal control rules, the commission said.
More than NT$90 million of the bail money was earmarked for Jeffrey Koo Jr (辜仲諒), a major shareholder and scion of the company’s founders. [FULL STORY]