Legend CEO under house arrest
Legend Biotech's man in charge will be working from home for the time being.
The company's CEO and chairman, Frank Zhang, has been detained by Chinese customs as part of an investigation involving Genscript Biotech, Legend's majority shareholder and former parent company. Current CFO Ying Huang has been named interim CEO, effective immediately.
The surprising announcement explains why shares of the Hong Kong-listed Genscript were unexpectedly suspended last Friday.
According to a statement from Legend, the company learned last Thursday that China's Customs Anti-Smuggling Department had inspected Genscript's operations and questioned certain Legend employees who formerly worked for Genscript, as part of an investigation related to suspected violations of import and export regulations under the Chinese law. No details were given as to whether Zhang's "residential surveillance" is related to his role at Legend Biotech, and no charges have been filed against any entity or individual so far.
Read more.
The company's CEO and chairman, Frank Zhang, has been detained by Chinese customs as part of an investigation involving Genscript Biotech, Legend's majority shareholder and former parent company. Current CFO Ying Huang has been named interim CEO, effective immediately.
The surprising announcement explains why shares of the Hong Kong-listed Genscript were unexpectedly suspended last Friday.
According to a statement from Legend, the company learned last Thursday that China's Customs Anti-Smuggling Department had inspected Genscript's operations and questioned certain Legend employees who formerly worked for Genscript, as part of an investigation related to suspected violations of import and export regulations under the Chinese law. No details were given as to whether Zhang's "residential surveillance" is related to his role at Legend Biotech, and no charges have been filed against any entity or individual so far.
Read more.
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