Friday, August 26, 2016

Ex-chairman of Mega Financial Holding banned from traveling abroad

Latest: Corruption and Money Laundering.

Ex-chairman of Mega Financial Holding banned from traveling abroad.

Former Mega Financial Holding Co. Chairman 

Mckinney Tsai (second left).


Taipei, Aug. 23 (CNA) Prosecutors on Tuesday issued an overseas travel ban on former Mega Financial Holding Co. Chairman Mckinney Tsai (蔡友才) after summoning him for questioning in connection with alleged anti-money laundering law violations involving one of the company's subsidiaries.

Tsai, who was chairman of both Mega Financial Holding Co. and Mega International Commercial Bank when the violations occurred, has been listed as a potential defendant in the case, prosecutors said.

Shiu Kuang-si (徐光曦), incumbent chairman of Mega Financial Holding, was also summoned for questioning that same day.

The Taipei District Prosecutors Office started an investigation of Mega Bank after its New York branch was slapped with a US$180 million fine by New York State's Department of Financial Service (DFS) for violating the state's anti-money laundering laws.

When announcing the penalty on Aug. 19, the DFS said it had identified "a number of suspicious transactions" between Mega Bank's New York and Panama branches.

The DFS said it also discovered that "a substantial number" of the bank's customer entities were formed with the assistance of the Mossack Fonseca law firm in Panama, one of the law firms at the center of the formation of shell company activity.

Readmore:

No comments:

Post a Comment