Punishment of Administrative Fine Imposed on the Responsible Person of Corporate Conduct of Grand Pacific Petrochemical Corporation
2018-06-01
1.Date the Punishment was Imposed: June, 2018
2.Recipient of the Punishment: Responsible person of corporate conduct of Grand Pacific Petrochemical Corporation, Wu, OO.
3.Legal Basis of the Punishment: Article 36-1, Subparagraph 7, Paragraph 1, Article 178, Paragraph 1, Article 179 of the Securities and Exchange Act and Article 10 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
4.Facts of the Violation and Reason: On March 22, 2018, the Board of Directors of Grand Pacific Petrochemical Corporation (hereinafter referred to as “GPPC”) passed a movement to increase the investment in LAND & SEA CAPITAL LTD., and contribute RMB 267,520,000 to the joint venture with a third party to establish a new company in mainland China, of which the total transaction value exceeded NT$ 300 million. However, GPPC failed to consult with a CPA to issue an opinion about the reasonableness of the transaction value prior to the event, and therefore violated Article 10 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
5.Disciplinary Action: A penalty of NT$240,000 is imposed on the responsible person of the foregoing misconduct pursuant to Subparagraph 7, Paragraph 1, Article 178 and Paragraph 1, Article 179 of the Securities and Exchange Act.
Contact Unit: Chang, Ya-jyun, Section Chief, Securities and Futures Bureau Corporate Finance Division
Contact Tel: 2774-7147
3.Legal Basis of the Punishment: Article 36-1, Subparagraph 7, Paragraph 1, Article 178, Paragraph 1, Article 179 of the Securities and Exchange Act and Article 10 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
4.Facts of the Violation and Reason: On March 22, 2018, the Board of Directors of Grand Pacific Petrochemical Corporation (hereinafter referred to as “GPPC”) passed a movement to increase the investment in LAND & SEA CAPITAL LTD., and contribute RMB 267,520,000 to the joint venture with a third party to establish a new company in mainland China, of which the total transaction value exceeded NT$ 300 million. However, GPPC failed to consult with a CPA to issue an opinion about the reasonableness of the transaction value prior to the event, and therefore violated Article 10 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
5.Disciplinary Action: A penalty of NT$240,000 is imposed on the responsible person of the foregoing misconduct pursuant to Subparagraph 7, Paragraph 1, Article 178 and Paragraph 1, Article 179 of the Securities and Exchange Act.
Contact Unit: Chang, Ya-jyun, Section Chief, Securities and Futures Bureau Corporate Finance Division
Contact Tel: 2774-7147
Visitor：
13951
Update：
2018-07-02