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Punishment of Administrative Fine Imposed on the Responsible Person of Tatung Co. (Public Company, 2371)

1.Date the punishment was imposed: October 16, 2018
2.Recipient of the punishment: Responsible person of corporate conduct by Tatung Co., Lin, ○○.
3.Legal basis of the punishment: Article 36-1 of the Securities and Exchange Act, and Article 10 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
4.Facts of the violation and reason: Tatung Co. converted its claim against Tatung Vietnam Co. Ltd. (hereinafter referred to as “Tatung Vietnam”), US$16,655,000, and interest receivables, US$1,062,000, a total of US$17,717,000, into the capital of Tatung Vietnam on December 21, 2017. The amount had exceeded NT300 million. However, it did not consult a CPA for an opinion about the reasonableness of the transaction value until September 25, 2018, and had therefore violated Article 10 of the “Regulations Governing the Acquisition and Disposal of Assets by Public Companies.”
5.The disciplinary action: An administrative fine of NT$240,000 is imposed on the responsible person of the foregoing misconduct pursuant to subparagraph 7, paragraph 1, Article 178, and paragraph 1, Article 179, of the Securities and Exchange Act.
Visitor: 2430   Update: 2018-10-24