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December, 8, 2016

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Bank of Kaohsiung chair to head top financial regulator

The Executive Yuan on Wednesday appointed Bank of Kaohsiung Chairman Lee Ruey-tsang (李瑞倉) as the new chief of the Financial Supervisory Commission (FSC, 金管會).

The appointment came after FSC head Ding Kung-wha (丁克華) resigned amid controversy surrounding a US$180 million fine levied by U.S. financial regulators against state-run Mega Financial Holding Co.

Cabinet spokesman Hsu Kuo-yung (徐國勇) said Lee would formally take up his new duties within the next few days.

Hsu said Premier Lin Chuan (林全), who previously worked with Lee at the Ministry of Finance, had expressed confidence in Lee's professional capabilities.

Lee served as deputy finance minister under President Chen Shui-bian (陳水扁). He later became head of Kaohsiung City's Finance Bureau, during which he generated revenue by repurposing unused spaces in the southern city as well as assembled a financial reform team to reduce municipal debt and boost capital expenditure.

Kaohsiung Mayor Chen Chu (陳菊) soon promoted him to secretary-general of the city government, before appointing him to chair the Bank of Kaohsiung.

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