Taiwan's Formosa Plastics chief quits amid bribery probe

GMT 07:04 2015 Monday ,27 July

Arab Today, arab today Taiwan's Formosa Plastics chief quits amid bribery probe

News trucks are parked outside the headquarters of Formosa Plastic Group
Taipei - AFP

Formosa Plastics Group, a leading Taiwanese manufacturing conglomerate, said Monday one of its top executives had resigned over a years-long bribery scandal involving a supplier.

The conglomerate said in a statement that 25 employees were suspected of taking payments from a supplier, including Lin Chen-jung, president of Formosa Plastics Corp.

"After an initial investigation, some of the employees involved admitted offences against company rules," Formosa Plastics Group said in the statement.

"Lin offered to resign as the president and a board member on Friday, and the company has approved."

The statement did not say whether Lin had admitted any guilt.

Taipei-based Apple Daily said a whistle-blower had spurred management to launch an inquiry into the scandal, which the newspaper said was the worst of its kind since the company's founding more than 60 years ago.

Apple Daily said more people could yet be implicated in the collective kickback scandal, which reportedly began seven years ago.

Local media said prosecutors have looked into the case, but the group did not comment when contacted by AFP.

The group, whose businesses include oil refineries, power plants and hospitals, as well as the manufacturing of memory chips, has more than 108,000 staff on its payroll, with combined revenues totalling Tw$2.46 trillion ($78.2 billion) in 2013.


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