Administrative Fine Imposed on the Responsible Person of DBTEL Incorporated
2018-10-18
1. Date the fine was imposed: October 18, 2018
2. Recipient of the fine: Chen XX, responsible person of GISH INTERNATIONAL CO., LTD.
3. Legal basis of the fine: Article 36-1 of the Securities and Exchange Act and Article 10,and Paragraph 1 of Article 14 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies
4. Facts of the violation and reasons: Dbtel Incorporated’s Board of Directors resolved on May 11, 2018 to convert the creditor claim into capital to increase the capital of D&B Holding Co., Ltd. The transaction amount was approximately NT$1.665 billion, exceeding NT$300 million. However, it did not consult a CPA for an opinion about the reasonableness of the transaction value before the date of occurrence, but did not submit the information of the purpose, necessity, and anticipated profit of the acquisition of assets to the Board of Directors and the supervisors for ratification. It therefore violated Article 10, and Paragraph 1, Article 14 of the “Regulations Governing the Acquisition and Disposal of Assets by Public Companies.”
5. Resulting fine: According to Article 178, paragraph 1, subparagraph 7 and Article 179 , paragraph 1of the Securities and Exchange Act, we impose a fine of NT$ 240,000 on the responsible person of DBTEL Incorporated.
2. Recipient of the fine: Chen XX, responsible person of GISH INTERNATIONAL CO., LTD.
3. Legal basis of the fine: Article 36-1 of the Securities and Exchange Act and Article 10,and Paragraph 1 of Article 14 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies
4. Facts of the violation and reasons: Dbtel Incorporated’s Board of Directors resolved on May 11, 2018 to convert the creditor claim into capital to increase the capital of D&B Holding Co., Ltd. The transaction amount was approximately NT$1.665 billion, exceeding NT$300 million. However, it did not consult a CPA for an opinion about the reasonableness of the transaction value before the date of occurrence, but did not submit the information of the purpose, necessity, and anticipated profit of the acquisition of assets to the Board of Directors and the supervisors for ratification. It therefore violated Article 10, and Paragraph 1, Article 14 of the “Regulations Governing the Acquisition and Disposal of Assets by Public Companies.”
5. Resulting fine: According to Article 178, paragraph 1, subparagraph 7 and Article 179 , paragraph 1of the Securities and Exchange Act, we impose a fine of NT$ 240,000 on the responsible person of DBTEL Incorporated.
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Update：
2018-11-05