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Enforcement

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Administrative Fine Imposed on the Responsible Person of LuxNet Corporation (Listed Company 4979)

1. Date the fine was imposed: September 9, 2019
2. Recipient of the fine: LuxNet Corporation
3. Legal basis of the fine: Article 36-1, Paragraph 1(7) of Article 178 and Paragraph 1 of Article 179 of the Securities and Exchange Act
4. Facts of the violation and reasons:
The resolution of the board of LuxNet Corporation approved on August 9, 2017 to transfer an account receivable of US$600,000 from Toptrans (Suzhou) Corporation Limited to a loan entry. However, the loan has not been fully recovered. The loan was considered short-term in nature but the repayment has been overdue for more than 1 year, and, therefore, should be held violating Article 3 and 14 of the Regulations Governing Loaning of Funds Making of Endorsements/Guarantees by Public Companies.
5. Resulting fine: Sentenced to the fine, NT$240,000, in accordance with Article 36-1, Paragraph 1(7) of Article 178 and Paragraph 1 of Article 179 of the Securities and Exchange Act and Article 3 and 14 of the Regulations Governing Loaning of Funds Making of Endorsements/Guarantees by Public Companies.
Visitor: 198   Update: 2019-09-18