Cabinet announces new head of Financial Supervisory Commission

The cabinet has announced that Bank of Kaohsiung President Lee Ruey-tsang is to be the new chief of the Financial Supervisory Commission (FSC).

The announcement came Wednesday and is the latest development to come out of the Mega Bank scandal. In August, the bank's New York branch was fined US$180 million by local authorities for violating anti-money laundering regulations. Recent reports also suggest that the bank's Chicago branch breached local trade regulations. Former FSC chief Ding Kung-hwa resigned earlier this month following criticism of the FSC's handling of the scandal.

Premier Lin Chuan had previously worked with the FSC's new chief while serving as deputy finance minister. Lin has expressed confidence in Lee, saying his years of experience in the finance industry will help him take on the new position.

Source: Radio Taiwan International