By: Matthew Strong, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – Share dealings in leading biotechnology firm OBI
Pharma were the subject of an investigation into alleged insider trading, reports said Tuesday.
The company recently made headlines because of an attempt to develop a breast cancer drug and because of investment by a brother of President-elect Tsai Ing-wen.
The Shilin District Prosecutors Office reportedly received an anonymous tip alleging illegal activities in the company’s shares and decided there was reason enough to start an investigation.
Around February 21, trading in the shares of OBI Pharma was stopped on four different days as their price fell by the maximum limit of 10 percent. The market value of the company slumped by NT$37.2 billion (US$1.1 billion) during those days, but somebody reportedly made a profit on the fall through insider trading, reports said. [FULL STORY]