Pecuniary Fine for the Statutory Representative of Sincere Navigation Corporation

I. Punishment time: 7 April 2015
II. Recipient of administrative sanction: Cai, ○-○, Statutory Representative of Sincere Navigation Corporation.
III. Legal basis: Article 36-1, Securities and Exchange Act; item 4 of paragraph 1 of Article 30 and paragraph 1 of Article 33 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
IV. Facts and rationale: The board of directors of Heywood Limited, a subsidiary of Sincere Navigation Corporation, made a resolution on 3 October 2014 to increase the capital of US$12 million of Howells Shipping Inc. However, that company completed public announcement and regulatory filing for the subsidiary within two days after the capital increase, which violated item 4 of paragraph 1 of Article 30 and paragraph 1 of Article 33 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
V. Results of administrative sanction: The statutory representative of that company is punished by a pecuniary fine amounted to NT$240,000 with reference to item 7 of paragraph 1 of Article 178 and paragraph 1 of Article 179 of the Securities and Exchange Act.

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