Chinese interference with the century-old Tatung Group inspired the tougher measures
Taiwan News
Date: 2019/04/09
By: Matthew Strong, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – NT$25 million (US$810,000) is the new maximum fine for illegal
Illegal Chinese investment in the Tatung Group inspired Taiwan to raise fines. (By Central News Agency)
investments from China, following the third reading of an amendment by the Legislative Yuan Tuesday.
The hike from NT$600,000 (US$19,400) was inspired by a Hong Kong affiliate of SinoPac Financial Holdings Co., Ltd. accepting unapproved Chinese funds to invest in the Tatung Group and influence the management of the century-old electronics and household appliance group.
The Financial Supervisory Commission ordered the Chinese investor to withdraw and to pay a fine of NT$600,000, which was deemed too low by many, the Central News Agency reported.
The government said the influx of unapproved Chinese funds was influencing proceedings on the local capital market, requiring more vigorous supervision including higher fines.
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