Punishment of Administrative Fine imposed on the Person Responsible for Conduct of Pihsiang Energy Technology Co., Ltd.
2017-07-27
1. Date the punishment was imposed: July 27, 2017.
2. Recipient of the punishment: Mr. Wu○○, person responsible for the conduct of Pihsiang Energy Technology Co., Ltd. (public company 6551)
3. Legal basis of the punishment: Paragraph 8, Article 26-3 of the Securities and Exchange Act, paragraph 1, Article 16, and subsection 7, paragraph 1, Article 17 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies.
4. Facts of the violation and reasons:
On March 25, 2017, the board meeting of Pihsiang Energy Technology Co., Ltd. resolved to provide the endorsement and guarantees of NTD600 million for Pihsiang Machinery MFG. Co. Ltd. Mr. Wu○○ failed to disclose the significant substance of the relation of the stakeholder, recuse himself from the discussion and voting, and served as the proxy of another director to vote. Also, the Company failed to specify the name of the interested director, and the significant substance of the relation of the stakeholder, reasons for recusal or non-recusal, and state of recusal in the minutes of that board meeting. It is therefore determined as a violation against paragraph 1, Article 16, and subsection 7, paragraph 1, Article 17 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies.
5. The disciplinary action: Person responsible for the conduct of Pihsiang Energy Technology Co., Ltd. is charged with a punishment of administrative fine of NTD240,000 pursuant to subsection 7, paragraph 1, Article 178 and paragraph 1, Article 179 of the Securities and Exchange Act.
Contact Office: Chen, Hsiang-yin, Section Chief, Securities and Futures Bureau Corporate Finance Division
Contact Tel.: (02)2774-7120
Please send your inquiry to: http://fscmail.fsc.gov.tw/FSC-SPS/SPSB/SPSB01002.aspx
2. Recipient of the punishment: Mr. Wu○○, person responsible for the conduct of Pihsiang Energy Technology Co., Ltd. (public company 6551)
3. Legal basis of the punishment: Paragraph 8, Article 26-3 of the Securities and Exchange Act, paragraph 1, Article 16, and subsection 7, paragraph 1, Article 17 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies.
4. Facts of the violation and reasons:
On March 25, 2017, the board meeting of Pihsiang Energy Technology Co., Ltd. resolved to provide the endorsement and guarantees of NTD600 million for Pihsiang Machinery MFG. Co. Ltd. Mr. Wu○○ failed to disclose the significant substance of the relation of the stakeholder, recuse himself from the discussion and voting, and served as the proxy of another director to vote. Also, the Company failed to specify the name of the interested director, and the significant substance of the relation of the stakeholder, reasons for recusal or non-recusal, and state of recusal in the minutes of that board meeting. It is therefore determined as a violation against paragraph 1, Article 16, and subsection 7, paragraph 1, Article 17 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies.
5. The disciplinary action: Person responsible for the conduct of Pihsiang Energy Technology Co., Ltd. is charged with a punishment of administrative fine of NTD240,000 pursuant to subsection 7, paragraph 1, Article 178 and paragraph 1, Article 179 of the Securities and Exchange Act.
Contact Office: Chen, Hsiang-yin, Section Chief, Securities and Futures Bureau Corporate Finance Division
Contact Tel.: (02)2774-7120
Please send your inquiry to: http://fscmail.fsc.gov.tw/FSC-SPS/SPSB/SPSB01002.aspx
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13035
Update：
2017-08-11