Taiwan: Shares fall, Mega Financial down after chairman quits

Published Wed, Aug 31, 2016 · 04:42 AM

[TAIPEI] Taiwan stocks fell on Wednesday in line with overseas markets and as shares in Mega Financial Holding sank after the company chairman resigned following investigations into the firm and a US fine for anti-money laundering violations.

As of 0408 GMT, the main Taiex index fell 0.2 per cent to 9,091.60, after closing mostly flat in the previous session.

The electronics subindex stayed flat, while the financials subindex lost 0.5 per cent.

Shares in Mega Financial were off 1.1 per cent. The Taiwanese firm said Wednesday chairman Shiu Kuang-si submitted his resignation. However, the finance ministry, which appoints the chief of the state-controlled firm, has yet to formally accept the resignation.

Taiwan is investigating if the company and its banking unit broke local criminal laws in a case that led to US authorities fining the group US$180 million for anti-money laundering violations.

The Taiwan dollar softened NT$0.002 to NT$31.722 per US dollar.