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First Financial Holding Co., Ltd. fined NT$2 million

From May, 2016, the credit balance granted by the First Commercial Bank, a subsidiary of the First Financial Holding Co., Ltd. (First Financial Holding), to companies in the group reached the amount specified in Paragraph 1, Article 2 of the Regulations Governing Reporting and Disclosure by Financial Holding Companies in Accordance with Article 46 of the Financial Holding Company Act. As required under the Regulations, the First Financial Holding reported the transaction information for all its subsidiaries with regard the same individual, related party or related company in Q4, 2016 to the FSC and disclosed it on its website. However, the contents did not contain the correct information on the total balance of transactions with group subsidiaries. This shortcoming was in violation of Paragraph 1, Article 46 of the Financial Holding Company Act, and the First Financial Holding was thus fined NT$2 million under Article 60 of the same Act.
Visitor: 962   Update: 2018-04-11