The China Post
Date: December 3, 2016
By: The China Post news staff

TAIPEI, Taiwan — Prosecutors on Friday indicted Mckinney Tsai (蔡有才), former chairman of turmoil-ridden Mega Financial Holding Co., Ltd. (兆豐金控), on a string of financial charges and recommended he be handed a 12-year prison sentence.

Taipei District Prosecutors Office issued the indictment after wrapping up its primary investigation into the scandals plaguing Mega International Commercial Bank, the banking arm of Mega Financial Holding.

Mega Bank came under investigation by local authorities after its New York branch was fined US$180 million in August for violating state anti-money-laundering laws. The New York State Department of Financial Services said it had identified a number of suspicious transactions between Mega Bank’s New York and Panama branches.    [FULL  STORY]