FSC Struggling to Keep Up with Bank Embezzlement Cases 理專弊案近五年逾20件 金額高達16億元

Twenty-nine embezzlement cases at banks with a loss of NT$1.6 billion were reported in the last five years. The Financial Supervisory Commission Chair Huang Tien-mu said it has planned to establish mechanisms for combating this happening again.

After the U.S. and Taiwan both announced higher interest rates, the Taiex opened up on the 21st. Electronic and steel stocks including TSMC saw the largest gains. Financial Supervisory Commission Chair Huang Tien-mu told lawmakers higher U.S. rates historically have a positive impact on the stock market.

Huang Tien-mu, Chair, Financial Supervisory Commission: “Probably as rates go up, the stock market will probably respond positively. Fundamentals are still the most important. Foreign capital will be sold off, but will still come in. Inflows in February were around NT$1.2 billion.”

Huang Tien-mu says many economies have declined by over 10 percent this year while Taiwan's has only fallen 4 percent. In addition, listed companies reported revenues of NT$6.5 trillion in February, which was an increase of 12.65 percent from a year ago. Yield and profit-earning ratios also looked good. The Directorate-General of Budget, Accounting and Statistics is forecasting economic growth this year of 4.42 percent. The Financial Supervisory Commission, meanwhile, has its hands full with a slew of embezzlement cases at banks, with 29 cases and losses of NT$1.6 billion reported in the last five years.

Shen Fa-hui, Legislator (DPP): “We have so very many mechanisms in place, but it still keeps happening. ”
Huang Tien-mu, Chair, Financial Supervisory Commission: “The most recent cases share a common characteristic: cash flow in individual accounts instead of banks. So, this area has to be strengthened.”

The FSC says its plans for combating this include reestablishing a culture of integrity, improving accountability mechanisms, establishing financial penalties, and strengthening education. It will also take a look at what other countries do to prevent embezzling among bank executives.