By: Wu Chia-jung and Matthew Mazzetta
The bank, which was fined NT$12 million in February for a similar incident, made news in July after revelations that it reported a former employee at one of its Kaohsiung branches for apparently embezzling large sums of money from his wealthy financial management clients.
At a press conference on Tuesday, FSC Chairman Huang Tian-mu (黃天牧) announced that after a four-month investigation, the commission found that the employee, whose name was not divulged, had stolen over NT$140 million from 41 wealth management accounts over a period of seven years.
In addition to imposing a fine of NT$20 million for lapses in the bank's internal control system, Huang said, the FSC suspended the bank's heads of wealth management and personal finance for a period of three months. [FULL STORY]