High Court confirms CHB agreement

NOT OVER YET: The Ministry of Finance said it would again appeal the High Court’s ruling, drawing out a rights dispute that has gone through three courts since 2014

Taipei Times
Date: Aug 24, 2020
By: Chen Cheng-hui / Staff reporter

The entrance of Taishin Financial Holding Co’s headquarters in Taipei is shown in an undated photograph.
Photo: Kelson Wang, Taipei Times

Taishin Financial Holding Co (台新金控) on Friday said it welcomed a Taiwan High Court ruling confirming that the company and the Ministry of Finance have a contractual relationship regarding management rights of state-run Chang Hwa Commercial Bank (CHB, 彰化銀行).

Friday’s ruling says that as long as Taishin Financial remains the largest shareholder of CHB, the ministry “should support and must not obstruct” Taishin Financial in securing four seats on the lender’s nine-member board and subsequent management rights.

While saying that justice has been served, Taishin Financial in a statement offered an olive branch to the ministry to end the dispute that has continued since 2014.

“This case has dragged on for nearly six years. It has been tried by different courts [the Taipei District Court, High Court and Supreme Court], and they have unanimously agreed that there is a continuing contractual relationship between Taishin Financial and the Ministry of Finance,” the company said.    [FULL  STORY]

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