OFFICIALS TARGETED:The minister of finance said other agencies are responsible for ruling on wrongdoing, while the ministry had limited options to mitigate a fine

Taipei Times
Date: Sep 15, 2016
By: Crystal Hsu / Staff reporter

The Ministry of Finance, the largest shareholder in Mega Financial Holding Co (兆豐金控), is to ask the conglomerate to seek compensation from former board directors for losses linked to a compliance failure by a New York banking branch.

The ministry yesterday submitted a report to the Financial Supervisory Commission to help determine where responsibility lies after speaking to former Mega Financial chairman Mckinney Tsai (蔡友才) and other parties a day earlier.

Despite its 20 percent stake in Mega Financial, the ministry cannot do anything except seek compensation to mitigate the fine now that Tsai no longer holds positions in state-run financial institutions, Minister of Finance Sheu Yu-jer (許虞哲) said.

It is up to the commission to decide whether Tsai is guilty of concealing the compliance failure, while law enforcement agencies are responsible for determining whether he should face criminal charges, Sheu said.     [FULL  STORY]