The head of Taiwan’s top research body, Academia Sinica, answered legislators’ questions on Monday about his suspected involvement in a recent insider trading scandal.
The official, Wong Chi-huey, has been investigated for the possibility that he shared information about Taiwan’s top biochemistry corporation, Obi Pharma.
The company’s stock price fell sharply in late February following a failed clinical drug test. Several company shareholders, including Wong’s daughter, collectively sold 340 million NT$ worth of stock four days before the disclosure of the test results. That prompted an investigation into the possibility of insider trading.
Wong has since attempted to resign from his position twice. Both requests were rejected by President Ma Ying-jeou. Wong said Monday that he has decided to stay on in his position and face the incident with honesty.
Democratic Progressive Party (DPP) Legislator Wu Su-yao questioned Wong at the legislature on Monday. She said Wong moved quickly to help sell his daughter’s shares and also to hand in his resignation. However, she said, Wong was slow to clarify his role in the controversy and to offer an apology.