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.
Dutch brewing company Heineken NV yesterday said that it has reached an agreement to acquire a subsidiary brewery of Taiwan’s Sanyo Whisbih Group (三洋維士比集團). Heineken is to assume majority ownership and management rights of the Long Chuan Zuan Co (龍泉鑽興業) brewery in Pingtung County’s Neipu Township (內埔), the Dutch company said. It would become the first multinational brewing company to operate brewery in Taiwan once the acquisition is completed. The deal has been approved by the Ministry of Economic Affairs’ Investment Commission, but details of the financial transaction cannot be disclosed at this time, as terms of the settlement have not been completed,
Had Audrey Hepburn and Gregory Peck hopped on an electric scooter rather than a Vespa in the classic film Roman Holiday, their spin around the Eternal City might have ended in tears. The number of crashes and near-misses involving the two-wheelers has prompted Rome authorities to impose some order on a booming rental market that began two years ago. The havoc came to a head earlier this month when two US tourists attempted a night-time drive down the Spanish Steps, causing more than 25,000 euros (US$26,392) worth of damage to the 18th-century monument. Caught on security footage, the couple in their late 20s
LOOK WHO OWES: China’s exposure to Taiwanese banks was the second-largest, with Luxembourg third, followed by Hong Kong and Japan, the central bank said The US remained the largest debtor country to Taiwan’s banking sector for a 27th consecutive quarter in the first quarter of this year, with its exposure rising 8.3 percent from a quarter earlier on the back of an increase in US bonds, the central bank said on Friday. Data compiled by the central bank showed that outstanding international claims by Taiwanese banks on a direct risk basis to the US stood at US$125.38 billion as of the end of March. Department of Financial Inspection deputy head Pan Ya-hui (潘雅慧) said that the US Federal Reserve’s launch of a rate hike cycle in
GREEN CITY: The company is set to invest US$8 billion to make electric vehicles and batteries for a new city that would rely entirely on renewable energy sources Indonesia said that Hon Hai Precision Industry Co (鴻海精密) is considering investing in the country’s new capital city, a move that would bolster the US$34 billion construction project. Hon Hai, which is known as Foxconn Technology Group (富士康科技集團), is looking at setting up an electric bus system and an Internet of Things network at Nusantara, as Indonesia’s new capital is to be called, Indonesian Minister of Investment Bahlil Lahadalia said in a statement yesterday. Hon Hai chairman Young Liu (劉揚偉) met with Indonesian President Joko Widodo on Saturday to discuss the company’s plan to invest US$8 billion to build a manufacturing plant
RSS