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Administrative Sanction

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Punishment of Administrative Fine imposed on the Responsible Person of Conduct by Cayman Tung Ling Co., Limited

 
 
1. Date the punishment was imposed: January 24, 2018
2. Recipient of the punishment: Responsible person of the conduct by Cayman Tung Ling Co., Limited, Lin ○○, 
3. Legal basis of the punishment: Paragraph 8, Article 26-3, subparagraph 7, paragraph 1, Article 178, and paragraph 2, Article 179 of the Securities and Exchange Act, paragraph 1, Article 16, and subparagraph 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 December 20, 2016, during the discussion of the remuneration proposal for the Remuneration Committees at the board meeting of Cayman Tung Ling Co., a certain director, who was an interested party to such discussion, failed to disclose the substance of such conflict of interest. Also, the Company failed to specify the name of the interested director, and the significant substance of the conflict of interest, reasons for recusal or non-recusal, state of recusal in the minutes of that board meeting. It is therefore determined as a violation against paragraph 1, Article 16, and subparagraph 7, paragraph 1, Article 17 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies.
5. The disciplinary action: A penalty of NT$240000 is imposed on the responsible person of the conduct by the Company pursuant to subparagraph 7, paragraph 1, Article 178 and paragraph 2, Article 179 of the Securities and Exchange Act.
 
Contact Office: Lin, Chia-chang, Section Chief, Securities and Futures Bureau Corporate Finance Division
Contact Tel. (02)2774-7115
 
 
Visitor: 1453   Update: 2018-01-31