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FSC upbeat on tracking down funds misappropriated from ailing insurer

FSC upbeat on tracking down funds misappropriated from ailing insurer

Taipei, May 6 (CNA) Financial Supervisory Commission (FSC) Chairman Tseng Ming-chung (???) said Wednesday that a portion of funds misappropriated from Singfor Life (????) by the company's former Chairman Teng Wen-tsung (???) have been accounted for. Tseng said that NT$1.2 billion (US$39.2 million) have been returned from Teng's Swiss bank account, and that an additional NT$8 billion is expected to follow soon. He is also optimistic about tracking down another NT$6 billion in funds that Tend had embezzled. In addition, Tseng said that probes have uncovered that Teng had allocated about NT$8 billion of his ill-gotten gains at a Swiss private bank, and stashed NT$4.3 billion at a Standard Charter Bank branch in Hong Kong. Tseng said that all NT$4.3 billion deposited in Hong Kong had been returned, and that he is optimistic about seizing the NT$8 billion left in Switzerland. Tseng also said that irregularities have been found in Teng's dealings with the Swiss bank, and that Swiss financial regulators have been informed of the matter, and have pledged their assistance in the case. Singfor Life was one of two ailing insurers that were placed under government receivership in August last year, for failing to contain their rapidly deteriorating financial conditions that sent their net worth plummet deep into the red. Cathay Life Insurance Co. (????) in March won the auction to absorb Singfor Life, along with its losses. For its trouble, the semi-official Taiwan Insurance Guaranty Fund is to provide Cathay Life with compensation of NT$30.3 billion from the nation's coffers. (By Wu Ching-chun and Ted Chen)


Updated : 2021-09-27 18:33 GMT+08:00