FSC imposes sanctions on China Development Financial Holding Co.
In conducting a financial examination on the China Development Financial Holding Co., the FSC discovered corporate governance internal control deficiencies, including failures to properly manage subsidiaries that constituted violations of Article 51 of the "Financial Holding Company Act" as well as Articles 3 and 8 of the "Implementation Rules of Internal Audit and Internal Control System of Financial Holding Companies and Banking Industries" (these latter were issued upon the authority of the said Article 51). The aforementioned deficiencies also constituted a likely hindrance to sound operations. An administrative fine of NT$20 million was imposed on the basis of Article 60, Subparagraph 16 of the "Financial Holding Company Act," an official reprimand was issued on the basis of Article 54, Paragraph 1 of the same Act, the company's chairman was suspended from his job for six months on the basis of Subparagraph 4 under that same Paragraph 1, and the monthly salary of the company's general manager was cut by 30 percent for three months on the basis of Subparagraph 7 under paragraph 1.
Visitor： 1259 Update： 2022-09-02