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Former head of Taiwan's top academic organ indicted for corruption

Xinhua | Updated: 2017-01-10 15:55

TAIPEI -- Wong Chi-huey, former head of Taiwan's top academic organ, has been indicted for taking bribes from biotech firm OBI Pharma, according to the island's Shi-lin district prosecuting authority.

Prosecutors found that Wong had received 3 million shares from OBI's chairman Michael Chang in 2012 via his daughter's account. The price of each share was 31 New Taiwan dollars (about $1), but surged to 310 NTD per share when the company went public the following year.

Prosecutors said Wong, as a public servant, illegally earned profits worth about 93 million NTD.

The scandal emerged in February 2016 when OBI announced that its major breast cancer medicine had failed to meet medical standards, and its share price collapsed. A number of people were suspicious of insider trading, but Wong defended the drug and backed the company, claiming he had never bought any OBI shares. However, his daughter was later found to hold a large number of OBI shares.

Wong released a statement late Monday that said he was shocked and angry about the indictment and would make all-out efforts to defend his innocence.

Wong was the head of Taiwan's Academia Sinica since 2006 but resigned in May 2016 after the case erupted.

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