CTBC Financial Holding Co. Ltd. management fended off efforts from dissenting shareholders to gain control of the board as candidates aligned with management secured board seats, the Taipei Times reported Dec. 9.
The company has been the subject of efforts from disgruntled investors to wrest control from the firm's founding Koo family. In August, Samuel Yin, chairman of Ruentex Group, reportedly sought to gain control by teaming up with other business tycoons to acquire CTBC Financial shares.
Chien Chi Asset Management, a company owned by Ruentex Group, had acquired a 3% stake in CTBC Financial at that time.
In an effort to fend off a takeover, CTBC Financial in October moved the scheduled June 2017 board elections to Dec. 8 and reduced the number of board seats to seven from nine. The company also increased the share threshold required for a shareholder to gain a seat on the board.
CTBC Financial had been embroiled in a number of regulatory troubles, including suspicious financial dealings that resulted in the indictment of former vice chairman Jeffrey Koo Jr. The company was also involved in a botched deal that forced CTBC Financial to pay NT$500 million to affected investors.
Shareholders at the general meeting railed against the company's decision to offer compensation over the failed deal.
As of Dec. 8, US$1 was equivalent to NT$31.71.