Today's Information |
Provided by: WEI CHUAN FOODS CORP. | |||||
SEQ_NO | 1 | Date of announcement | 2022/07/08 | Time of announcement | 13:53:03 |
Subject | Disclosure of the important content and progress of lawsuits related to the Company's oil products | ||||
Date of events | 2022/07/08 | To which item it meets | paragraph 51 | ||
Statement | 1.Date of occurrence of the event:2022/07/08 2.Company name:Wei Chuan Foods Corporation 3.Relationship to the Company (please enter "head office" or "subsidiaries"):Head office 4.Reciprocal shareholding ratios:Not applicable 5.Cause of occurrence: The Company discloses the important content and progress of lawsuits related to its oil products in accordance with the requirement stipulated in the official letter issued by Taiwan Stock Exchange on February 21, 2017 that companies shall issue major announcements within 15 days after the end of each quarter. 6.Countermeasures: (1) The Taiwan Taipei District Prosecutors Office initiated a public prosecution against the Company over the involvement of some pure and blended oils sold by the Company. The Intellectual Property Court ruled on April 27, 2017 that the Company was not guilty. However, the Intellectual Property Court ruled that NT$32 million in proceeds must be confiscated due to issues regarding the labeling of blended oils. The Company considered it to be unconstitutional, and thus has filed a request for constitutional interpretation to the Justice of the Judicial Yuan. (2) Due to the involvement of the oil products manufactured by Ting Hsin Oil & Fat Industrial Co., Ltd. for the Company using problematic oils from Chang Chi Foodstuff Factory Co., Ltd. and the oil products procured from Chang Guann Co., Ltd., Cheng-I Food Co., Ltd., and Ting Hsin Oil & Fat Industrial Co., Ltd., the Company's products were pulled from the shelves and the Company was forced to offer refunds and compensations to consumers, thus causing huge losses to the Company. In order to protect the Company's rights and interests, the Company has hired a lawyer to file lawsuits against the companies above, their upstream manufacturers, and related personnel to the court for damages. Chang Guann Co., Ltd., Yeh Wen-Hsiang, and Tai Chi-Chuan event of compensation, now the case is sub judice at Taiwan High Court Kaohsiung Branch Court. Regarding the Company's claim for damages from Ting Hsin Oil & Fat Industrial Co., Ltd., Cheng I Food Co., Ltd., and their upstream companies and relevant personnel, currently reviewed by the Taiwan Taipei District Court. After years of defense and offense, the court mediated this case directly, put forth a Proposal for Appropriate Solutions, and requested the Board of Directors to discuss it. The Board of Directors prudently evaluated the court's Proposal for Appropriate Solutions and the legal opinion rendered by the retained attorneys and a third-party neutral attorney. Under the impartial presidency of the judge and with the participation of the Securities and Futures Investors Protection Center throughout the process, a successful mediation was reached on 2022/5/13 with an amount of NT$123,200,000, of which Ting Hsin Oil & Fat Industrial Co., Ltd. should pay NT$111,500,000, Cheng I Food Co., Ltd. NT$10,500,000, and Yuh Fa Enterprise Co., Ltd. NT$1,200,000. The other defendants who did not participate in the mediation are still under trial in the Taipei District Court in Taiwan. 7.Any other matters that need to be specified:Not applicable |
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Wei Chuan Foods Corp. published this content on 08 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2022 06:03:01 UTC.