Formosa Plastics Head Lin Chen-jung Resigns in Bribery Scandal

Formosa Plastics Corp.’s president Lin Chen-jung resigned on July 27 in the wake of a bribery scandal that caused another 24 executives at the firm to be fired and subject to criminal investigation. The allegations span seven years and involve kickbacks paid by suppliers. Formosa Plastics Corp. is the flagship company of the sprawling Formosa Plastics Group conglomerate. In a statement, the company said that Lin offered to take responsibility for the scandal but it was unclear whether he had admitted personal involvement in the wrongdoing.