2017-05-2603:00
SCRUTINY: The Financial Supervisory Commission commended SinoPac for the change in management and said it will continue to monitor the companyBy Ted Chen / Staff reporterSinoPac Financial Holding Co (永豐金控) yesterday confirmed the resignation of a number of top executives announced late on Wednesday following repeated run-ins with regulators due to the firm’s shortcomings in governing the activities of its subsidiaries.On July 1, Yu Kuo-chih (游國治) would be relieved of his posts at the company, which are president and chief financial officer of SinoPac Financial, and chairman of Bank SinoPac (永豐銀行), SinoPac Financial said in a statement.Tsai Chien-chih (蔡建志), chairman and president of SinoPac Securities (Asia) Ltd (永豐金證券亞洲), a Hong Kong-based brokerage subsidiary, and Chuang Yao (莊耀), president of SinoPac Leasing Co (永豐金租賃), would also be leaving their posts, the company said.The company’s leasing and banking unit had violated regulations by extending questionable loans to companies whose proprietors are related to SinoPac Financial’s
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SCRUTINY: The Financial Supervisory Commission commended SinoPac for the change in management and said it will continue to monitor the companyBy Ted Chen / Staff reporterSinoPac Financial Holding Co (永豐金控) yesterday confirmed the resignation of a number of top executives announced late on Wednesday following repeated run-ins with regulators due to the firm’s shortcomings in governing the activities of its subsidiaries.On July 1, Yu Kuo-chih (游國治) would be relieved of his posts at the company, which are president and chief financial officer of SinoPac Financial, and chairman of Bank SinoPac (永豐銀行), SinoPac Financial said in a statement.Tsai Chien-chih (蔡建志), chairman and president of SinoPac Securities (Asia) Ltd (永豐金證券亞洲), a Hong Kong-based brokerage subsidiary, and Chuang Yao (莊耀), president of SinoPac Leasing Co (永豐金租賃), would also be leaving their posts, the company said.The company’s leasing and banking unit had violated regulations by extending questionable loans to companies whose proprietors are related to SinoPac Financial’s
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