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Statement |
1.Date of occurrence of the event:2012/05/04
2.Company name:Pacific Liu Tung Investment Corp.(PLT)
3.Relationship to the Company (please enter ”head office” or
”affiliate company”):Equity method investments
4.Reciprocal shareholding ratios:N/A
5.Cause of occurrence:
(1)Ministry of Economic Affairs (MoEA) decided in February
2010 to revoke the registration of capital injection made
by Far Eastern Group to SOGO Department Stores (SOGO).
The aforesaid decision, resulting in the reduction at
paid-in capital of SOGO from NT$4.1 billion to NT$10 million,
is still under review by Taipei High Administrative Court.
With respect to the controlling ownership of SOGO, Far Eastern
Department Stores (FEDS) has also already filed a case at
Taipei District Court to reinforce that the ownership of Far
Eastern Group at SOGO be unquestioned. In our opinion,
the controlling ownership of SOGO and all other relevant
issues have to be resolved based on the ruling decision of
court. When both cases are still under review by the Legal
System of the Taiwan Government, the Administrative
Organization under the same Government unbelievably decided
the validness of the aforesaid capital injection, and
meanwhile intends to change the ownership of SOGO.
This move made by MoEA has already challenged and damaged
the check-and-balance decision of Taiwan Government,
degrading the image and reputation of the Legal System of
Taiwan Government. It also caused unprecedented indemnity
to the investment environment of Taiwan.
(2)Far Eastern New Century (FENC, the Company) strongly
protests against that the decision made by the Ministry
of Economic Affairs (MoEA) on 4 May 2012 to allow the so-called
“temporary receivers” to convene the Extraordinary
Shareholders’ Meeting (ESM) of SOGO Department Stores (SOGO).
The Company also expresses explicitly its regret that MoEA,
as a regulatory authority, made such an inconsiderate and
unlawful decision solely based on the unilateral opinion of
those disputable “temporary receivers”. The reason that
the so-called “temporary receivers” to convene an EGM is
that Directors of SOGO are not yet registered at the MoEA;
therefore, an EGM shall be convened. However, based on the
ruling (Shen-Tsi No. 749) made by the Taipei District Court
in year 2011, the Court has already ruled that Ms. Chairlady
Sophia Huang, Directors, and Supervisors of SOGO are legally
elected and their positions are legally valid. Therefore, the
aforesaid decision made by MoEA cannot be justified.
The facts are: 1) the appeal against the disputable
“temporary receivers” is still in the process of investigation
of the court; and 2) the reason stated by “temporary receivers”
to convene an ESM is against the Articles of Incorporation and
other relevant regulations. Failing to pay attention to the
legal facts, such a decision made by MoEA will be highly likely
to cause substantial indemnity of the Company and the investing
public. By laws, FENC and all of its affiliates will request
legal remedies, and claim from MoEA all possible indemnity,
if occurred.
6.Countermeasures:NIL
7.Any other matters that need to be specified:NIL
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