Farglory shares plunge on the heels of affordable housing scandal
Taiwan News, Staff Writer
2014-06-03 10:49 AM
Farglory Group has taken a huge hit from last week’s affordable housing bribery scandal. Farglory Land Development Co., Ltd. (5522) stock opened Tuesday by falling to its daily limit on over 9 million shares sold.

After the district court ordered Farglory chairman Chao Teng-hsiung held without bail and incommunicado, Farglory’s board named Chao’s eldest son, Frank Chao acting chairman. The board emphasized that operations will not be affected and, currently, the company’s financial and business status are both normal. Farglory is awaiting the judicial investigation.

Frank Chao stressed that he will maintain the group’s operational stability. Frank Chao will take center stage at Friday’s Farglory shareholder’s meeting in an important moment key to assuaging the doubts of shareholders and the public.

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