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Administrative Sanction

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Punishment of Administrative Fine Imposed on the Responsible Person of Glotech Industrial Corporation (OTC Company, 5475)

 
1.Date the punishment was imposed: October 12, 2018
2.Recipient of the punishment: Responsible person of corporate conduct by Glotech Industrial Corporation, Liu, ○○.
3.Legal basis of the punishment: Article 36-1 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: Glotech Industrial Corporation converted its claim against Glotech Technical Materials Cops. (hereinafter referred to as “GTMC”), NT$320,000,000 and NT$335,000,000, into the capital of GTMC, respectively, on August 7, 2017 and March 15 2018. The amount had exceeded NT300 million. However, it did not consult a CPA for an opinion about the reasonableness of the transaction value until June 6, 2018, and had therefore violated Article 10 of the “Regulations Governing the Acquisition and Disposal of Assets by Public Companies.”
5.The disciplinary action: An administrative fine 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.
Visitor: 122   Update: 2018-10-24