Date: Jul 01, 2017
By: Lauly Li / Staff reporter
Shares of Farglory Land Development Co (遠雄建設), a real-estate unit of Farglory Group (遠雄集團), plunged 6.7 percent in Taipei trading yesterday after Farglory Group founder Chao Teng-hsiung (趙藤雄) was detained by prosecutors over allegations of bribery and embezzlement.
Chao, Farglory Land Development chairman Frank Chao (趙文嘉) and Farglory Life Insurance Co (遠雄人壽) president George Chao (趙信清) on Thursday were summoned by prosecutors over questionable construction projects by Farglory Land Development and Farglory Life Insurance in 2007.
Farglory Group spokesman Jacky Yang (楊舜欽) said Frank Chao and George Chao were released on bail yesterday morning and returned to work, adding that the operations and finances of Farglory Land Development and Farglory Life Insurance are not affected by the ongoing investigation.
Farglory Land Development’s stock price closed at NT$39 with a total of 5.55 million shares changing hands during the session. The closing price was below the company’s quarterly average of NT$41.26 and monthly average of NT$42.22, Taiwan Stock Exchange data showed. [FULL STORY]