Formosa Oilseed Processing Co. announced yesterday that its stock will be suspended from trading after failing to submit its 2024 annual financial report, pushing the company toward a potential delisting crisis if the documents aren’t filed within six months.
The Taiwan Stock Exchange is expected to issue a formal trading suspension notice today, with implementation scheduled for April 7. The NT$2.55 billion (US$80 million) company’s financial reporting failure stems from a leadership dispute following its November board election.
According to Formosa Oilseed, the company submitted a registration application to Taiwan’s Ministry of Economic Affairs on November 29 to confirm Wu Jin-chuan as board chairman following a November 22 election. However, the ministry rejected this application on March 28, leaving the company unable to execute an agreement with its accounting firm to complete the required financial reports.
The rejection has intensified an internal power struggle, with independent director Lian Ren-long and directors Lu Xing-hua and Xu Yi-qun issuing a joint statement accusing Wu of “illegal board manipulation” that has prevented the company from securing bank loans and completing financial filings over the past four months.
Formosa Oilseed stated it will convene another board meeting to elect a new chairman and complete the registration process with regulatory authorities. The company must finalize its 2024 financial reports within six months to avoid delisting under Taiwan’s securities regulations.
