Paul Chiu to Resign as Bank SinoPac Chairman after 14 Days

 Paul Chiu to Resign as Bank SinoPac Chairman after 14 Days

Source: United Daily News

June 27, 2017

In an urgent press conference held yesterday evening, Paul Chiu (邱正雄), Bank SinoPac Chairman, officially announced that he would tender his resignation during an extraordinary board meeting on June 30. Chiu stated that a new chairman would be announced in the same meeting, adding that his replacement would be a heavyweight in the financial industry.

Ho Shou-chuan (何壽川), former chairman of Bank SinoPac, was dismissed by the Financial Supervisory Commission as he was accused of authorizing illegal loans and being suspected of perfidy as well as violating the Securities Exchange Act. Chiu then was named acting chairman to replace Ho on June 17 and was officially elected chairman on June 21. There will be merely 14 days from June 17 when Chiu took up the post to June 30 when he is slated to resign. Chiu, therefore, became the shortest-serving chairman of a financial holding company.

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