Authorities yesterday searched the office and residence of Chinese Nationalist Party (KMT) Legislator Wu I-ding (吳怡玎) in Kaohsiung, along with those of her family, as part of an investigation into alleged securities fraud, with investors in Pharmally International Holding Co losing an estimated NT$1.5 billion (US$52.05 million) after its stock price collapsed.
Phamally chairman Tony Huang (黃文烈), 59, has fled Taiwan and is reportedly hiding in Singapore, investigators said.
Huang is suspected of colluding with Chinese businesspeople to falsify company accounts and financial statements.
Photo: Tu Chien-jung, Taipei Times
Taipei prosecutors coordinated with Ministry of Justice Investigation Bureau (MJIB) units to carry out the searches, including the homes of Wu’s father, former KMT legislator Wu Kuang-hsun (吳光訓), her sister Wu Yi-li (吳怡利) and her brother Wu Yu-chan (吳郁展).
The investigators said that the Wu family is listed among the biotech firm’s top 10 shareholders.
It was the third round of searches and six people were summoned, with investigators focusing on Wu Kuang-hsun, who is suspected of using Wu Yi-li and Wu Yu-chan as dummy accounts to purchase Pharmally shares and warrants for stock speculation, prosecutors said.
They said they have evidence of Wu Kuang-hsun’s involvement, having uncovering falsified documents of him purchasing large numbers of Pharmally shares and warrants from Sept. 1 to Oct. 20, 2018, driving up the share price from NT$300 to NT$500, creating a deceptive impressive of a hot stock, then making a killing by selling before the price collapsed.
Another prominent figure summoned for questioning was Chen Yu-lien (陳玉蓮), a board member of Sanyo Whisbih Group, the manufacturer of the popular local tonic alcoholic drink Whisbih.
The suspects are facing charges of manipulating stock prices and contravening the Securities and Exchange Act (證券交易法).
The investigation was launched in August, with 14 people summoned for questioning at the time, while an international warrant has been issued for Huang’s arrest.
Huang touted Pharmally as a leading pharmaceutical and biotech business, but investigators said he worked with accountants to produce falsified records and financial reports to deceive investors, as well as the Financial Supervisory Commission.
Prosecutors alleged that Huang illegally transfered NT$700 million into his personal bank accounts, which have affected four of his lenders — Entie Commercial Bank, Far Eastern International Bank, Hua Nan Bank and Bank SinoPac.
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