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Fine for CGS International Inc. as the responsible person

I.Time of penalty: November 13, 2019
II.Parties of punishment: Responsible persons, Mr. Chen ○○ and Mr. Deng ○○ of CGS International Inc.
III.Basis of disciplinary disposition: Article 36-1 of the Securities and Exchange Act and Article 14, 15, 31 and 32 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
IV.Descriptions of violations: CGS International Inc. was found to have passed its board resolutions on January 18, 2019 and February 26, 2019 to co-develop mobile games and platform with the related parties. However, the Company did not consult accountants'' opinions with respect to the reasonableness of the transaction price or obtain quotation reports from professional quotation providers. The information submitted to the board was incomplete and not provided to the supervisors for verification. The related information was not filed with the Commission at the designated website for public announcement within two days after the day of the incident. It was determined the Company has violated Article 14, 15, 31 and 32 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
V.Results of penalty: According to Subparagraph 7, Paragraph 1 of Article 178 and Paragraph 1 of Article 179 of the Securities and Exchange Act, each of the responsible persons of the Company is to be fined for NT$240,000.
Contact Unit: Corporate Finance Division of the Securities and Futures Bureau
Contact Number: Section manager Yang (02)2774-7232
Please send us an email if you have any question:FSCmail
 
Visitor: 422   Update: 2019-11-25