Menu
Skip to main content block
:::
:::

Administrative Sanction

Main Content

Administrative Fine Imposed on the Responsible Person of HUNG SHENG CONSTRUCTION CO., LTD (Listed Company, Securities Code: 25614)

 
1. Date the fine was imposed: November 6, 2017
2. Recipient of the fine: Lin XX, responsible person of HUNG SHENG CONSTRUCTION CO., LTD
3. Legal basis of the fine: Article 36-1 of the Securities and Exchange Act and Article 14, Paragraph 1,and Article 30, Paragraph 1 ,Subparagraph 1 ,and Article 31, subparagraph 3 of Regulations Governing the Acquisition and Disposal of Assets by Public Companies. 
4. Facts of the violation and reasons: 
(1)HUNG SHENG CONSTRUCTION CO., LTD. and its affiliate COOPERATIVE CONSTRUCTION CO., LTD. entered into a fence construction contract on March 10, 2015, and an amendment to a building construction contract on September 5 and November 20, 2016 to acquire a certain real property. However, neither did the Board pass nor the supervisors ratify the foregoing transaction with the related party when the Company carried out the activity. The Company did not make the announcement within the specified time. Eventually, the ratification and resolution were completed and the announcement was published on the Market Observation Post System on September 14, 2017. It is found as a violation against paragraph 1, Article 14 and subparagraph 1, paragraph 1 Article 30 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
(2)HUNG SHENG CONSTRUCTION CO., LTD. modified the transaction details of the purchase of land from its related party on November 19, 2015. However, the Company did not announce such modification until September 14, 2017. It is found as a violation against subparagraph 3, Article 31 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
5. Resulting fine: According to Article 178, paragraph 1, subparagraph 7 and Article 179 , paragraph 1of the Securities and Exchange Act, we impose a fine of NT$ 480,000 on the responsible person of HUNG SHENG CONSTRUCTION CO., LTD.
 
Visitor: 284   Update: 2017-11-13