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Taiwan government names new top financial supervisor after scandal

Taiwan government names new top financial supervisor after scandal

Taiwan's government on Thursday named a new chief of its top financial supervisory body amid a scandal engulfing a major business group.
Tapped as chairman of the Financial Supervisory Commission is Hu Sheng-cheng, 66, who had been head of the Cabinet's economic planning agency.
Hu replaces Shih Jun-ji, who resigned from the FSC on Jan. 12 after he came under fire for lax supervision of the financial sector following a run on The Chinese Bank, a member of the troubled Rebar Asia Pacific Group.
Rebar Group founder Wang You-theng fled Taiwan late last month, as financial problems hit several of his companies. The bank was taken over by the government.
Arrest warrants have been issued for Wang and his wife, who are now believed to be in California. Taiwanese police arrested two of Wang's sons and a brother.
Prosecutors say they are investigating charges of embezzlement and insider trading against Rebar Group managers and Wang family members.
The Cabinet named a former economics minister, Ho Mei-yueh, to succeed Hu as head of the economic planning agency.


Updated : 2021-02-25 10:25 GMT+08:00