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Taiwan prosecutors investigate vaccine company for insider trading in failed BioNTech deal

Suspicion focuses on irregular share price movements at time of vaccine import agreement

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TTY Biopharm CEO Robbin Shih (second left) and Chairman Lin Chuan (third left). (Facebook, TTY Biopharm photo) 

TTY Biopharm CEO Robbin Shih (second left) and Chairman Lin Chuan (third left). (Facebook, TTY Biopharm photo) 

TAIPEI (Taiwan News) — Prosecutors on Friday (Oct. 15) raided the offices of TTY Biopharm Co. Ltd., a company that failed to receive a license for the import of Pfizer-BioNTech COVID-19 vaccines last year, on suspicion of insider trading.

Senior managers, including CEO Robbin Shih (施俊良), were hauled in for questioning. The company’s chairman, former Premier Lin Chuan (林全), was not involved, the Liberty Times reported.

Shilin District Prosecutors Office opened an investigation into the company last November. The findings were that managers and relatives may have profited from insider trading linked to the failed BioNTech deal.

On Friday, prosecutors ordered raids on 26 offices and homes of managers in locations from Keelung City in the north to Pingtung County in the south of the country. A total of 26 individuals were also ordered to face questioning by investigators, according to the Liberty Times report.

At the time of the BioNTech talks, the share price of TTY Biopharm showed large movements, leading to accusations of insider trading. Lin said he had ordered an internal investigation and handed all requested relevant documents to the Taipei Exchange.


Updated : 2021-12-07 12:39 GMT+08:00