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Administrative Fine Is Imposed on the Responsible Person of Tri Ocean Textile Co., Ltd. (TWSE-listed Company, Code: 1472)

 
1. Date of the Punishment Was Imposed: March 8, 2019
2. Recipient of the Punishment: Responsible Person Huang ○○ of Tri Ocean Textile Co., Ltd. (TWSE-listed Company, Code: 1472)
3. Legal Basis of the Punishment: Article 36-1 of the Securities and Exchange Act; Article 10, and Paragraph 1, Article 14 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies at the time when the conduct was made.
4. Facts of the Violation and Reasons: In the board meeting of Tri Ocean Textile Co., Ltd. dated May 11, 2016, it was resolved that the Company will increase capital for its subsidiary, Evalon Textile Co., Ltd., of which the Company holds 69.51% of the shares. The Company has, respectively on June 30, 2016 and August 15, 2016, fulfilled the equity capital requirements, including NTD 269,693,000 in the form of cash and NTD 156,196,000 through the monetary credit extended to Evalon Textile Co., Ltd. The amount of the monetary credit transferred has reached 20% of the paid-in capital. The Company, however, did not obtain the opinions of a certified public accountant on the reasonability of the transaction price before the event took place. Nor has the Company submitted the relevant information on the capital increase to the board meeting for approval and to the supervisor for ratification. This constitutes a violation against Article 10, and Paragraph 1, Article 14 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies at the time when the conduct was made.
5. Disciplinary Action: Pursuant to Subparagraph 7, Paragraph 1, Article 178, and Paragraph 1, Article 179 of the Securities and Exchange Act, an administrative fine of NTD 240,000 is imposed on the Responsible Person of the Company.
 
Contact: Section Head Tsai, Corporate Finance Division, Securities and Futures Bureau
Telephone: 2774-7126
Visitor: 1231   Update: 2019-03-25