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SMCT’s shareholder filed a rep

2020-06-08  点赞580   浏览量:858

The dispute over the management rights of Taiwan Styrene Monomer Corporation (SMCT) (1310-TW) continued. Tie-Chih Sun, SMCT’s shareholder, accompanied by a lawyer, filed a report to Anti-Money Laundering Office, Executive Yuan today on December 21th. He accused that an unidentified group tried to cover up the unknown source of funds, in the name of foreign investors and acquire SMCT. Money laundering is involved as well. Sun asked the office to conduct a thorough investigation to see whether the unidentified group has violated the money laundering law.

SMCT’s supervisor once filed a report to the Financial Supervisory Commission on December 3rd, suspecting that Pamirs Capital (H.K.) Limited had concealed illegal Chinese capital in the name of foreign capital and bought a large amount of SMCT’s stocks. Pamirs Capital also attempted to intervene in the next reelection of the SMCT’s board of directors. The supervisor hoped that the authorities to investigate the mass buying issue as soon as possible to avoid “Datong case" happen again.

According to TWSE’s data, from September 17th to December 17th, an unknown foreign capital bought 72,000 shares of SMCT’s stocks, the holding proportions increased by more than 13% within 3 months. TAIEX dropped nearly 10%, but SMCT rose to NTD28.5 on December 7th, setting a new high in 15 years.

On December 14th, 17th, 19th, and 20th, there were 9530 shares, 1,100 shares, 110 shares, and 1,235 shares of transactions respectively, accounting for nearly 5% of SMCT’s share capital, and all of them were foreign capital. Sun said that it is obvious that an unidentified group behaved as fake foreign capital to speculate on SMCT’s shares, and even intended to do malicious merger, which is a clear violation of the Taiwan’s Securities and Exchange Act.

At the same time, Sun also filed a report to APG and The Egmont Group, two international money laundering and prevention units, to maintain the order and law of justice of Taiwan’s financial market. He hopes that no matter whom intended to seek the management rights, let the shareholders' meeting held as scheduled and put things legally.

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