Reported 7 months ago
New Kinpo Group founder Wu Dongjin was released on bail with a bond of 100 million NT dollars due to his involvement in the decoration of New Kinpo Castle by Shin Kong Life. He is being investigated for breaching the Insurance Act last Tuesday. Although the case raised concerns over New Kinpo's acquisition and the North Optoelectronics case, the Financial Supervisory Commission stated that the case has no political implications and has been under investigation for two years. The stock price of New Kinpo Group dropped nearly 2% despite their assurance that the operation will not be affected. FSC Chairman Pan Men-long reiterated that the capital increase plan for Shin Kong Life is proceeding as scheduled and should be separate from the actions of major shareholders.
Source: YAHOO