TAIPEI (Taiwan News) – The 36-year-old son of tycoon Samuel Yin (尹衍樑) was too inexperienced to take the position of chairman at Nan Shan Life Insurance Co., Ltd., the Financial Supervisory Commission (FSC) ruled Thursday (December 12).
Yin, the largest shareholder in the high-profile insurance company, had backed the choice of his son Yin Chung-yao (尹崇堯) to head Nan Shan.
However, the FSC scheduled two face-to-face interviews with the younger man, and concluded after the second meeting that he was not qualified, especially considering the large size of Nan Shan, the Central News Agency reported.
Following the younger Yin’s failure to win approval, the FSC was asking the insurer to suggest a new name.
The company had needed to replace its chief after the FSC fined it NT$30 million (US$989,000) last September and ousted the then-chairman over problems with its new information technology system. An estimated 150,000 policy holders had been affected by the glitches.
Nan Shan has also received bad publicity for the treatment of its employees, reports said.
Top shareholder Samuel Yin is the chairman of the Ruentex Group and is also known as a philanthropist, having founded the Tang Prize, touted as an Asian equivalent of the Nobel Prizes.