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Taishin Financial shareholder seeks arbitration over losses due to government interference

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Taishin Financial shareholder seeks arbitration over losses due to government interference

A foreign institutional shareholder of isseeking international arbitration to recoup losses it allegedly incurred afterthe Taiwanese government wrested control of Chang Hwa Commercial Bank Ltd. from Taishin Financial,the Taipei Times reported July 20.

Taishin Financial said it respects the decision ofSingapore-based Surfeit Harvest Investment Holdings Pte. Ltd. to seek arbitrationto redress losses caused by the government's dispute with Taishin Financialover control of Chang Hwa Commercial Bank.

Surfeit Harvest alleged that government interferenceprevented it from realizing gains from its investment in Taishin Financialafter the company booked a loss of NT$14.8 billion due to the loss of majoritymanagement rights in Chang Hwa Commercial Bank, Chinese-language Liberty Times reported, citing "aperson close to the matter."

Surfeit Harvest's legal counsel will meet with Taiwaneseauthorities for a final round of negotiations before the matter is raised forarbitration in The Hague.

Taishin Financial said it received notice of SurfeitHarvest's plans in June, adding that it is not at liberty to discuss theactions of its shareholders.

The Taiwanese government gained control over Chang HwaCommercial Bank in 2014 after tussling with Taishin Financial over the bank's boardcomposition. Taishin Financial had filed a lawsuit against Taiwan's Ministry of Finance in2014, seeking NT$10 billion in damages over losses from its investments inChang Hwa Commercial Bank.

As of July 19, US$1was equivalent to NT$32.06.