REVITALIZATION: The FSC is to allow local banks’ asset management units to hold at least 5 percent of companies that are carrying out urban development projects

Taipei Times
Date Jan 01, 2018
By: Kuo Chia-erh  /  Staff reporter

The Financial Supervisory Commission (FSC) on Friday handed 14 banks a combined NT$40 million (US$1.34 million) fine for poor internal controls in a high-profile scandal involving Ching Fu Shipbuilding Co (慶富造船).

State-run First Commercial Bank (第一銀行) is facing a fine of NT$10 million, the highest allowed under the Banking Act (銀行法), while the Land Bank of Taiwan (土地銀行) and the Bank of Kaohsiung (高雄銀行) are to each be fined NT$8 million, the commission said.

The Bank of Taiwan (臺灣銀行) and Mega International Commercial Bank (兆豐銀行) are to each face fines of NT$4 million, while NT$2 million fines have been handed to Taiwan Business Bank (台灣企銀), Hua Nan Commercial Bank (華南銀行) and Taiwan Cooperative Bank (合作金庫銀行), the commission said.    [FULL  STORY]