Taiwan's Formosa Plastics chief quits amid bribery scandal
President among more than two dozen employees suspected of taking kickbacks
Formosa Plastics Group, a leading Taiwanese manufacturing conglomerate, said on 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.