Taipei Times
Date: Dec 20, 2016
By: Crystal Hsu / Staff reporter in HUALIEN

SinoPac Financial Holding Co (永豐金控) is reviewing its lending operations to improve internal oversight after a spate of questionable loans led to heavy fines and a management reshuffle, senior executives said yesterday.

“We are re-examining credit applications to make sure they all meet regulatory requirements… The probe by the Financial Supervisory Commission will show if the company is guilty of compliance failure,” SinoPac Financial chief investment officer Eric Chuang (莊銘福) said on the sidelines of the inauguration of a new Bank SinoPac (永豐銀行) branch in Hualien.

The probe came after a tip-off from the group’s employees that affiliated SinoPac Leasing Corp (永豐金租賃) granted a US$1.35 million (NT$4.22 billion) loan to J&R Trading Co, a foreign shell company owned by Sun Power Development and Construction Co (三寶建設) and with investment from papermaking conglomerate YFY Inc (永豐餘控股) and E Ink Holdings Co (元太科技).    [FULL  STORY]