On January 1, 2019, PJ Asset Management issued a letter to the board of directors of SinoPac Financial Holdings Company Limited. PJ Asset stated that the letter details concerns regarding Bank SinoPac (the Company's subsidiary) has recently launched civil action against Morgan Stanley as it may have an inadvertent impact to the Company's reputation and shareholders' interests. PJ Assets added that it has urged the board of directors in exercising their duties to supervise the subsidiary, to prudently evaluate the appropriateness of this action. PJ Asset stated that it strongly advise that the board of the Company should request Bank SinoPac to confirm if the transaction details are processed and reviewed properly. In connection to this, PJ Asset expressed its views that the key focus regarding the transaction should be on evaluating the diligence of the project team, implementing sounder employee management, correcting internal control vulnerabilities, reinforcing good corporate governance and the board's oversight - before taking legal action against a third-party financial advisory firm.