Legislators slam regulators over XPEC

NEW RULES:The FSC has proposed tender offer guidelines that say a company with paid-in capital of more than US$157m must compile a corporate social responsibility report

Taipei Times
Date: Oct 14, 2016
By: Ted Chen / Staff reporter, with CNA

Lawmakers yesterday continued to rail against regulators’ lack of oversight in holding a number of companies liable for reparations of massive losses for more than 20,000 investors following the collapse of a tender offer for XPEC Entertainment Inc (樂陞科技).

New Power Party (NPP) Executive Chairman Huang Kuo-chang (黃國昌) targeted missteps by the Financial Supervisory Commission’s (FSC) Securities and Futures Bureau (SFB), and its subsequent conflicting explanations.

The tender offer plan stipulated that Bai Chi Gan Tou Digital Entertainment Co (百尺竿頭) must fulfill its payment obligations by Aug. 19 and complete the transfer of shares by Aug. 26.

However, CTBC Bank Co (中國信託銀行), the depository bank in the deal, announced an extension to the payment due date to Aug. 26.     [FULL  STORY]

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