Reported about 1 year ago
On June 12, 2024, the chairman of the Financial Supervisory Commission (FSC), Peng Keng-long, stated at the Legislative Yuan's Finance Committee that they will continue to push for legal amendments to strengthen the oversight of major shareholders in financial institutions. Concerns were raised about Cathay Financial Holding's major shareholder, WPE Development, acquiring a significant stake last year. WPE Development plans to appoint only one director and one independent director, which does not raise concerns about separating ownership and control. Additionally, the FSC addressed inquiries concerning alleged violations of insurance laws by New Chinese Chairman Wu Tung-chin, referring the case to its resident prosecutor for further investigation.
Source: YAHOO