Taiwan News
Date: 2016-10-07
By: Matthew Strong, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – A government report about alleged scandals at the stare-run Mega Financial
Ex-Finance Minister Chang Sheng-ford (left) and ex-FSC chief Tseng Ming-chung.
Holding said Friday former Finance Minister Chang Sheng-ford and former Financial Supervisory Commission head Tseng Ming-chung had to share the blame for the affair.
Controversy erupted after regulatory authorities in New York State fined the local branch of the holding’s Mega International Commercial Bank US$180 million in connection with alleged questionable transactions with its Panama branch. The phrase was widely believed to refer to money laundering.
The problems with Mega began, festered and nearly exploded during Chang’s four years in office and Tseng’s two-and-a-half years at the FSC, showing both men should shoulder some responsibility, according to government spokesman Hsu Kuo-yung.
The report, drawn up by a special commission set up by the Cabinet, will be passed on to the Control Yuan, the nation’s top government watchdog. If necessary, the Yuan can take disciplinary actions against present and former government officials. [FULL STORY]