Former TTY Biopharm Co (台灣東洋藥品) chairman Lin Rong-jin (林榮錦) yesterday was sentenced to 10 years in prison on charges of embezzlement — a verdict that he said he would appeal.
A year after Lin’s departure in 2014, TTY Biopharm chairman Clark Hsiao (蕭英鈞) launched a lawsuit against his predecessor alleging that he had caused the company NT$3 billion (US$99.48 million at the current exchange rate) in losses.
The Taipei District Court yesterday found Lin guilty on four counts of violations of the Securities and Exchange Act (證交法), including breach of trust and conducting abnormal transactions.
Photo: Chen Yung-chi, Taipei Times
He also has to turn in 22.89 million euros (US$27.39 million) in unlawful gains, the verdict read.
Lin was accused of in 2013 transferring a number of patents held by TTY Biopharm to Switzerland-based Inopha AG — a company that Lin controls through Center Laboratories Inc (晟德大藥廠), of which he is the chairman — along with all the rights to further develop the intellectual property.
The patents include treatments for breast and ovarian cancers, as well as fungal infections and schizophrenia, which were transferred for Lin’s personal gain at the expense of TTY BioPharm, the ruling said.
Lin said the investigation does not reflect the entirety of the case and that the accusations originated from a personal row with Hsiao, his longtime business partner.
He said that his reputation and track record in Taiwan’s biotechnology sector speaks for itself and that he trusts that the court would uncover the truth.
Lin, a notable figure in the industry who has had a hand in the founding of several Taiwanese biotechnology firms, was enlisted to restructure then-ailing TTY Biopharm in 1994.
Lin helped bring the company back into the black.
He is credited with transitioning a company focused on manufacturing and selling generic drugs to developing and marketing branded and more advanced generic drugs.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Meta Platforms Inc offered US$100 million bonuses to OpenAI employees in an unsuccessful bid to poach the ChatGPT maker’s talent and strengthen its own generative artificial intelligence (AI) teams, OpenAI CEO Sam Altman has said. Facebook’s parent company — a competitor of OpenAI — also offered “giant” annual salaries exceeding US$100 million to OpenAI staffers, Altman said in an interview on the Uncapped with Jack Altman podcast released on Tuesday. “It is crazy,” Sam Altman told his brother Jack in the interview. “I’m really happy that at least so far none of our best people have decided to take them
PLANS: MSI is also planning to upgrade its service center in the Netherlands Micro-Star International Co (MSI, 微星) yesterday said it plans to set up a server assembly line at its Poland service center this year at the earliest. The computer and peripherals manufacturer expects that the new server assembly line would shorten transportation times in shipments to European countries, a company spokesperson told the Taipei Times by telephone. MSI manufactures motherboards, graphics cards, notebook computers, servers, optical storage devices and communication devices. The company operates plants in Taiwan and China, and runs a global network of service centers. The company is also considering upgrading its service center in the Netherlands into a
RSS