Taiwanese Bank Chief Quits After U.S. Money-Laundering Breaches
- Mega chairman cuts short U.S. trip and quits all bank posts
- Board will pick temporary replacement, Finance Ministry says
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Mega Financial Holding Co.’s chairman resigned after less than a month in the post, the latest setback for the Taiwanese company at the center of a domestic firestorm over U.S. anti-money laundering breaches at its banking unit.
Shiu Kuang-si also quit as head of Mega International Commercial Bank, only 16 days after being elected to both positions. The executive had previously been chairman of Hua Nan Financial Holdings Co., another state-backed Taiwanese lender, and the state-owned Land Bank of Taiwan.