Reported 7 months ago
Reported on June 11, 2024, at 9:56 PM by FTNN, Shin Kong Life Insurance was embroiled in a scandal, leading to a search initiated by the New Taipei Prosecutor's Office and the Taipei City Investigation Bureau involving 19 individuals including the former chairman Wu Dongjin of Shin Kong Financial. Wu was ordered to post an extravagant bail of 1 billion yuan due to suspected violations of the Insurance Law. Despite Shin Kong Financial clarifying the search was unrelated to company operations, their stock price still dropped by 0.23 yuan to 9.37 yuan on opening. This scandal concerning the former chairman resulted in a significant impact on the stock price, dropping nearly 3%.
Source: YAHOO