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Fine Imposition on the Principal of Nankang Rubber Tire Corporation Ltd.

2021-07-12
1.    Date of penalty: July 12, 2021
2.    Object of penalty: XX Chang, principal of Nankang Rubber Tire Corporation Ltd.
3.    Legal basis for the penalty: Article 36-1, subparagraph 11, paragraph 1 of Article 178, and Article 179 of the Securities and Exchange Act, and paragraph 1, Article 7 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
4.    Facts of law violation: From February 25, 2020 to May 31, 2021, Nankang Rubber Tire Corporation Ltd. held a total of nine board meetings to authorize the purchase (reinvestment) of shares of listed and OTC companies within the limit of NT$2.35 billion. However, during this period, the company purchased securities for a value of NT$4.117 billion, exceeding the amount authorized by the board of directors. In addition, on August 10, 2020, the board of directors of the company authorized the purchase of shares of listed and OTC companies within a limit of NT$100 million, but after inspection, it was found that the president of the company did not sign off the internal approval until August 18. These circumstances are verified to have violated the provisions of paragraph 1, Article 7 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
5.    Penalty: A fine of NT$240,000 is imposed on the principal of Nankang Rubber Tire Corporation Ltd. for the acts above in accordance with subparagraph 11, paragraph 1of Article 178 and Article 179 of the Securities and Exchange Act.
 
Contact unit: Section Chief Hsieh, Corporate Finance Division, Securities and Futures Bureau
Tel: 2774-7100
If you have any questions, please write to: FSCMAIL
 
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  • Update: 2021-07-15
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