Prosecutors seek to detain Mega Holdings ex-chairman
Oct 04, 2016 UncategorizedComments Off on Prosecutors seek to detain Mega Holdings ex-chairman
Prosecutors filed a motion with the Taipei District Court Tuesday to detain the former chairman of Mega Holdings and his then-chief secretary, on charges of violating Taiwan's Securities Exchange Act.
Prosecution investigators, led by Chief Prosecutor Chou Shih-yu (???) and Prosecutor Yang Chan-keng (???), searched the residences of Mckinney Tsai (???), former chairman of Mega Financial Holding Co. (????), Wang Chi-pang (???), former chief secretary of Mega Financial, who used to be an aide to Tsai, and several others a day earlier in a case in which Mega Bank was slapped with a US$180 million fine after New York financial authorities identified "a number of suspicious transactions" between its New York and Panama branches.
After the heavy fine was imposed on Mega Bank, the government-invested banking group's governance and management were called into question, prompting the Cabinet to set up a task force to investigate the case to find out who should be held accountable.
Prosecutors have also launched a probe and have summoned various people, including Tsai, to pin down exactly what happened.
Tsai has been summoned by prosecutors several times since the case surfaced, while an investigation team launched a raid on Tsai's and Wang's homes and sifted through documents from related government agencies about the case.