TAKING RESPONSIBILITY:The 64-year-old banker, who is currently visiting the US, is the first official to take blame for Mega Bank’s compliance failures at its US branch
Taipei Times
Date: Sep 01, 2016
By: Crystal Hsu / Staff reporter
State-run Mega Financial Holding Co (兆豐金控) chairman Shiu Kuang-si (徐光曦) yesterday tendered
Mega Financial Holding Co chairman Shiu Kuang-si appears at the Taipei District Prosecutors Office on Aug. 23 to clarify his role in a breach of US money laundering rules by Mega International Commercial Bank’s New York branch. Photo: Huang Yao-cheng, Taipei Times
his resignation amid mounting criticism over alleged conflicts of interests in the aftermath of a compliance failure that occurred while he was president of Mega International Commercial Bank (兆豐銀行).
Mega Financial is to call a board meeting today to elect an acting chairperson until the Ministry of Finance, the largest stakeholder in all state-run financial institutions, names a successor after approving Shiu’s departure.
Shiu, who assumed the Mega Financial chairmanship on Aug. 16, resigned one day after Premier Lin Chuan (林全) set up a supervisory panel to probe the breach of US money laundering rules by Mega Bank’s New York branch.
Mega Bank is the main subsidiary of Mega Financial.
“As the compliance failure took place during my term as Mega Bank president, my role to help is discredited with my supervisors also questioned,” Shiu said in his resignation letter.
Shiu said he would quit all positions at the state-run conglomerate and cancel trips to San Francisco to face a probe in Taiwan to protect his reputation. [FULL STORY]
