SinoPac Holdings chairman loses directorship

The China Post
Date: June 19, 2017

TAIPEI, Taiwan — The Financial Supervisory Commission (FSC) said Monday that Ho Show-chung (何壽川), chairman of SinoPac Holdings (永豐金控), will be dropped from the company’s directorship due to his wrongdoings, in accordance with the Financial Holding Company Act, effective from the following day.

This means Ho will also lose his position as company chairman.

Lee Ruey-tsang (李瑞倉), chairman of the commission, said that in addition, Yu Kuo-chi (游國治), president of SinoPac Holdings, will be suspended from his presidency and directorship of the company for six months, including all operations in the firm and its subsidiaries, effective from the same day.

Ho was questioned Friday and detained Sunday on charges of breach of trust by the Taipei District Prosecutors Office, which found that he and other company executives were involved in illegal loans that reportedly amounted to NT$5 billion (US$164.4 million).    [FULL  STORY]

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