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TAIWAN AGENCY TAKES OVER ANOTHER TROUBLED FINANCIAL INSTITUTION.
TAIPEI, April 2 Asia Pulse - The nation's top financial regulator said he had assigned the Central Depository Insurance Corp. (CDIC) to take over the financially troubled China United Trust & Investment Corp.
Hu Sheng-cheng, chairman of the Financial Supervisory Commission (FSC), noted that the bank has become the fourth bank to be taken over by the government since the end of last year.
Hu said that both the finance and business operations of the trust company have been dismal, with its net worth registering minus NT$319 million (US$9.66 million) as of the end of February.
Pre-tax surplus was minus NT$246 million and if bad debts were included, the losses would amount to minus NT$2.98 billion, he said.
Hu noted that the company has been unable to stay afloat through capital augmentation and that it is continuing to lose money, with the amount of liquid capital amounting to only NT$350 million, which he said can hardly even cope with money withdrawals.
During the takeover, the duties of the directors and supervisors will be ...
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