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Hua Nan Financial Unit Fined NT$8 Million Fine Over Internal Control Failure; Shares Down 2%

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Hua Nan Financial (TPE:2880) unit Hua Nan Commercial Bank has been fined NT$8 million by Taiwan's Financial Supervisory Commission for failing to effectively implement its internal control system, according to a Thursday Taiwan Exchange filing.

Shares slid 2% in Friday's late morning trade.

The regulator said the bank violated provisions of Taiwan's Banking Act and rules governing internal audit and internal control systems for financial holding companies and banks.

Hua Nan Commercial Bank will implement corrective measures in accordance with the regulator's instructions, the filing said.

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