Sino Pharmaceutical says no group member being probed; trading to resume
HONG KONG, Sept 13
HONG KONG, Sept 13 (Reuters) - Chinese drug company Sino Biopharmaceutical Ltd says it is not aware of any member of the group being investigated by authorities and trading in its shares will resume on Friday.
Sino Biopharmaceutical said on Thursday it had set up a team to investigate allegations broadcast on state television that a majority-owned subsidiary had paid for illegal overseas trips for doctors.
"The board is currently conducting further investigation as to whether certain staff members of an indirect subsidiary of the company were actually involved in the incident," the company said in a filing to the Hong Kong stock exchange late on Thursday.
It would publish an announcement on the results of the investigation once they were available, it said.
Regional sales teams at Chia Tai Tianqing Pharmaceutical Group Co Ltd, 60 percent owned by Sino Biopharmaceutical, had paid for doctors to travel to Thailand and Taiwan, which could be considered illegal bribes, China Central Television (CCTV) reported late on Wednesday.
Shares of Sino Biopharmaceutical, which has a market value of $3 billion, plunged nearly 25 percent to a six-month low before trading was suspended around midday on Thursday. The stock last traded down more than 16 percent at HK$4.76. (Reporting by Donny Kwok; Editing by Anne Marie Roantree and Richard Pullin)
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