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).
Ho will be forbidden to serve in any posts in the banking industry for five years, said Wang Li-chuan (王儷娟), head of the FSC’s Banking Bureau.
Chiu Cheng-hsiung (邱正雄), a director of SinoPac, was named acting chairman of the holding company in an ad hoc board meeting on Saturday.
Chiu said that the company has total assets of NT$1.7 trillion and healthy finances, and that Chen Chia-hsien (陳嘉賢), another board member, is expected to be appointed as the company’s president on June 23.