An insider trading probe into a Taiwanese maker of Covid-19 vaccines has raised wider concerns over financial oversight in the country and entangled the administration of President Tsai-ing Wen.
The Taipei-based prosecuting office for Shilin District told the Financial Times that it is investigating Medigen Vaccine Biologics Corporation after the company’s shares leapt more than 20 per cent in the days before it announced positive results for its vaccine’s phase 2 clinical trials in June. The prosecutor declined to provide further details on the investigation.
Last month, Tsai gave a televised address in which she rejected accusations from political opponents that her government had blocked imports of vaccines to boost Medigen’s stock price.
The probe opens up another front through which Tsai’s political rivals can attack the president as she attempts to fend off external pressure from China.
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