FSC fines E.Sun NT$20m over theftSETTING AN EXAMPLE: The commission suspended the bank’s two top executives as ‘a warning to all banks,’ while the fine is the biggest to be given to a bank in a single caseBy Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) yesterday fined E.Sun Commercial Bank (玉山銀行) NT$20 million (US$693,698) over a theft scandal and punished the bank’s two top executives. A sign displaying the logo of E.Sun Financial Holding Co stands outside the company’s headquarters in Taipei in an undated photograph. “People follow the example of their superiors… Our punishment for the two top executives is a warning to all banks,” Huang said. The FSC spent two months investigating Chen and Chang to ascertain whether they were responsible for the breach, he said. E.Sun Bank’s BIS capital ratio would be reduced to 13.75 percent, from 14.02 percent, as the commission thinks that the bank has a higher risk than its current estimate, Chuang said.

Source: Taipei Times November 24, 2020 15:56 UTC