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Central News AgencyTaipei, June 25 (CNA) The issue of Cathay Securities Investment Trust's related-party transaction violations has resurfaced. Cathay Financial shareholder Tsai Chen-yu issued a statement today questioning whether Cathay Bank Chairman Kuo Ming-chien's numerous concurrent directorships and independent directorships affect his suitability and appropriateness for the position of bank chairman, disregarding the rights and interests of Cathay Bank's customers and shareholders. Tsai Chen-yu made a heartfelt appeal regarding the recent disarray among Cathay Financial's senior management, hoping Cathay Financial can correct its deviations.Tsai Chen-yu, the third son of Lin Yuan Group founder Tsai Wan-lin and a shareholder of Cathay Financial, stated in a press release today that according to media reports, Cathay Bank Chairman Kuo Ming-chien also serves as a director for Hong Kong-based Far East Horizon and Shuncheng Holdings. He questioned whether these two companies have undergone thorough investigations into their capital structures. Coupled with the already known directorships at Wistron and Cheng Loong, the sheer number of external directorships and independent directorships held by Kuo Ming-chien is astonishing.Tsai Chen-yu pointed out that as of the end of March this year, Cathay Bank is a major bank with total assets exceeding NT$5.4 trillion and over 10 million customers. As the bank's chairman, he should focus on management and safeguard the financial assets of its vast customer base and shareholders. Although the law does not restrict the number of concurrent positions for private bank chairmen, for a financial industry professional, especially a bank chairman, Kuo Ming-chien's numerous directorships affect his suitability and appropriateness for the position, disregarding the rights and interests of Cathay Bank's customers and shareholders.He further mentioned that Wang Li-ling and Wu Tang-chieh are independent directors of Cathay Financial. Wang Li-ling previously served as acting chairwoman of the Financial Supervisory Commission (FSC), emphasizing fintech and regtech, while Wu Tang-chieh served as director of the Securities and Futures Bureau and vice chairman of the FSC, planning the corporate governance blueprint. Both independent directors have turned a blind eye to the bank chairman's numerous external directorships. Cathay Securities Investment Trust has failed to effectively manage its related-party list, raising questions about whether the independent directors have also failed in their duties.Tsai Chen-yu stated that if the FSC were to review Cathay Financial's internal controls for any negligence, would it go easy on them because of former senior officials Wang Li-ling and Wu Tang-chieh?

He expressed that as a member of the Tsai family of Lin Yuan, who has long been involved in the management of Cathay Group's banking business, he is now speaking out as a Cathay Financial shareholder with a heartfelt appeal regarding the recent disarray among Cathay Financial's senior management. He hopes Cathay Financial can correct its deviations to reassure shareholders and customers, and ensure that the leading financial brands of Lin Yuan and Cathay Financial continue to shine brightly. (Editor: Pan Yi-ching) 0625Choose to stand with the facts. Your every contribution is a force to protect press freedom.Download the CNA "One-Stop News" APP to get the latest information in real-time.The text, images, and videos on this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.