Reported 7 months ago
On June 11, 2024, Financial Supervisory Commission Chairman Perng Jin-long attended a legislative session. Following suspicions of breach of trust at New Silitech Castle, former chairman of Shin Kong Financial Holdings Wu Tung-Chin was released on bail for NT$100 million, leading to concerns in the market about its impact on the capital increase at Shin Kong Life Insurance and potential acceleration of future mergers. Perng Jin-long stated during the questioning that the capital increase plan for Shin Kong Life Insurance is proceeding according to protocol, and the merger of financial holdings also follows a specific procedure, emphasizing that adjustments due to certain cases won't occur. New Taipei District Prosecutors Office has searched and summoned Wu Tung-Chin and 19 others, leading to a significant drop in Shin Kong Financial Holdings' stock price. Perng Jin-long also addressed questions regarding Wu Tung-Chin's bail and emphasized the cooperation with prosecutors, stating that the Financial Supervisory Commission cannot intervene in investigation launches. Regarding the impact on the capital increase and merger, he clarified that the processes will adhere to legal requirements, despite ongoing investigations.
Source: YAHOO