IBFC Deputy Chairman Chen Kuan-chou skips hearing; KMT lawmakers demand Zhang Zhaoshun intervene

A public hearing in Taiwan's legislature concerning the consolidation and executive compensation of state-owned financial institutions was disrupted by the absence of Chen Kuan-chou, the deputy chairman of International Bills Finance Corporation (IBFC). The hearing, held by the legislative finance committee, focused on strategies for merging these institutions amidst intense competition and issues surrounding their remuneration practices.

Legislators, led by Kuomintang (KMT) lawmaker Lai Ssu-bao, expressed strong disapproval of Chen's no-show. Lai demanded that the Minister of Finance, Chuang Su-wen, and the Director-General of the National Treasury, Chen Po-cheng, contact Chen. Ultimately, the chairman of IBFC, Chang Chao-shun, was compelled to call Chen, urging his attendance, though Chen had not appeared by 10 a.m.

The controversy is amplified by Chen Kuan-chou's substantial salary, reported to be over NT$20 million, which has drawn criticism, especially since public funds are involved. Chen had previously issued a statement defending his compensation, drawing a comparison to Tsai Shao-chung, a former deputy chairman of IBFC from the Want Want China Times Group, who allegedly received NT$30-40 million annually for three years while frequently being abroad. Chen strongly condemned what he termed "malicious smearing" by Want Want media.

Adding another layer to the discussion, Chen's statement also indicated his support for mergers between state-owned financial institutions, aiming to expand IBFC's operational scale and enhance the overall competitiveness of Taiwan's financial industry. This marks the first time the Nice Group, which Chen is associated with, has explicitly backed such mergers. The committee's focus remains on the consolidation plans and the financial governance of these key institutions.