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The Financial Supervisory Commission (FSC) on Thursday penalized Shin Kong Financial Holding Co (新光金控) for poor corporate governance and lax internal controls, including a three-month suspension for company chairman Victor Hsu (許澎). The commission also fined subsidiary Shin Kong Life Insurance Co (新光人壽) NT$3 million (US$105,623), cut Shin Kong Life Insurance chairman Pan Po-cheng’s (潘柏錚) salary by 30 percent for three months and banned the insurer from making transactions with six affiliated companies for three years. Senior executives of Shin Kong Financial Holding and its subsidiaries, which also include Shin Kong Commercial Bank (新光銀行) and Master Link Securities Corp (元富證券), attended four ....