Agents from the Taipei District Prosecutors’ Office and the Criminal Investigation Bureau (CIB) yesterday arrested an assistant manager of tire maker Nankang Rubber Tire Corp (南港輪胎) and his wife to investigate whether they were involved in receiving illegal rebates from suppliers.
Police also seized NT$230 million (US$7.67 million) in cash and remittance advice found in the assistant manager’s home and office, they said.
The assistant manager, surnamed Chen (陳), was responsible for purchasing natural rubber for Nankang to make tires, police said.
In 1997, Chen allegedly set up a foreign company and demanded suppliers pay the foreign company rebates of between US$7 and US$40 for each tonne of natural rubber Nankang purchased, they said.
Chen’s wife may also be involved in money laundering, they said.
Nankang Rubber Tire yesterday said it reported the case to the police in the middle of May and that the company had already held an interim board meeting to assign Chen to other position.
The company will ask for compensation to safeguard the rights of the company and its shareholders, it said.
The company added that it would fully cooperate with the police during the investigation.
“We send our deepest apology to shareholders for not being able to prevent the incident from happening,” the company said in a filing to the Taiwan Stock Exchange yesterday.
In the first half of the year, Nankang reported a net profit of NT$520 million, up 195 percent from the same period last year, with earnings per share of NT$0.59. Consolidated revenue rose 4.69 percent to NT$6.96 billion in the first six months from a year earlier.
Shares of Nankang ended at NT$34.35 yesterday in Taipei trading, up 0.15 percent from the previous session.
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