Aug 31, 2016
Mega FHC issued a press release on Aug 31 as followed. In regards to Mega Bank’s regulatory fine by New York State Dept. of Financial Service, the incident has caused disturbance among general public; as a result, Chairman Kuang-Si Shiu, who currently is still in US, has announced his resignation within the group and await further investigation to clarify the issue.
Chairman Kuang-Si Shiu’s resignation announcement is followed.
In regards during my service as President of Mega Bank, our New York branch was in violation of BSA/AML regulation and was consequently fined, which has caused quite a disturbance among general public; as a result, I felt deeply unease. In addition, ever since I have accepted the chairman position in mid-August, I assumed full responsibility of this case, visited 4 local regulators in US, where we have branches, explained to them Mega Bank’s internal audit and compliance mechanism, pushed to minimize the damage, defended our creditability; however, it is definitely not “Shui Kuang-Si Investigates Shiu Kuang-Ki”, as painted falsely by the media. Facing such false accusation, I felt my role can no longer gaining support from the general public, even causing quite a bit trouble to my superior, and wasn’t able to assist clarifying the issue. As a result, I will cancel my last stop to San Francisco, return home, resign all my posts within the group, and frankly face all investigation, to put an end to all controversies.