1.Date the punishment was imposed: July 11 2019
2.Recipient of the punishment: Kuo , ○○, the responsible person of the conduct by Grand Ocean Retail Group Limited.
3.Legal basis of the punishment: Article 165-1 of the Securities and Exchange Act where Article 36-1 of the same law is also applicable, Subparagraph 1, Paragraph 1, Article 31 and Paragraph 1, Article 34 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies.
4.Facts of the violation and reasons: Grand Ocean Group (hereinafter referred to as “GOG”), the subsidiary of Grand Ocean Retail Group Limited (hereinafter referred to as “GOG-KY”), resolved by the Board to purchase of the property under the title of Xiangtan Grand Ocean Group in a session held on May 10 2019. The amount of the purchase exceeds CNY20 million, and was referred to GOG-KY for approval in a session of the Board on May 14 2019 in accordance with the gate approval of the company. Yet, GOG-KY did not make any announcements in favor of and in the name of the subsidiary until June 20 2019. The failure to make the announcement and filing within 2 days from the occurrence of the event is a violation of the Subparagraph 1, Paragraph 1, Article 31, and Paragraph 1, Article 34 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies effective at the time of conduct.
5.The disciplinary action: An administrative fine of NT$240,000 was imposed on the responsible person of that company’s conduct pursuant to Subparagraph 11, Paragraph 1, Article 178 and Article 179 of the Securities and Exchange Act effective at the time of conduct.
Contact Person: Section Chief Tseng, Huang-Chun, Corporate Finance Division, Securities and Futures Bureau
Contact Tel.: 2774-7401
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