The Securities and Futures Investors Protection Center (“SFIPC”) held an extraordinary board meeting today and adopted the resolution to initiate legal action in the courts to dismiss current Chairwoman of Tatung Co., Ltd. (“Tatung”) as director of the board in view of the illegal incidents occurring at its annual general meeting on June 30, 2020 where the company was accused of denying certain voting shares and blocking the shareholders rights to be exercised, serving as clear evidence that the Chairwoman Lin Kuo had violated relevant laws while exercising her duties in conducting the affairs of the company.
It is believed that the actions of Lin Kuo to retain control of the company have caused substantial infringement on shareholders equity and are considered in violation of the conventional practice of corporate governance, resulting in the company’s stock being categorized as full-delivery shares and has caused the following results : the great impact on the interest of the investing public, the disruption of the order for fair market competition, damage to the reputation of Taiwan’s capital market and the possibility of foreign investors to weigh in on their portfolio consideration of Taiwan. These objectively reveal her incompetence in extending the term as a director of the board.
Recently, the measures taken in the struggle for control of the company have been ever-changing, leading to many controversial disputes that verge on the illegal or even beyond, the SFIPC hopes to urge for the compliance with laws and respect for fair market competition by showing concrete action in this case. The SFIPC stresses that there was a recent amendment made earlier this year for Article 10-1 of “Securities Investor and Futures Trader Protection Act” that “Under any of the circumstances the dismissal of the director has been adjudicated by the courts, the person may not serve as directors for any exchange-listed, OTC-listed, or emerging stock company within three years from the date of conviction affirmed.”
Menu
Share
