Taiwan Bank Fights Blame For Employee's Failed £20M Deal

Law360, London (June 8, 2021, 1:43 PM BST) -- Shanghai Commercial & Savings Bank has argued that it should not have to compensate a health drinks producer for a failed £20 million ($28 million) investment arranged by one of the lender's former managers, who is now accused of fraud.

The Taiwan-based bank said in a June 1 filing at the High Court that it is not vicariously liable for alleged fraud by its former corporate banking relationship manager, saying that it took reasonable care when supervising him. Kevin Chiang is facing criminal proceedings in Taiwan for alleged attempted fraud and producing false documents in breach of the country's banking act, according to the filing....

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