Four people, including two executive directors and a senior accountant of a listed company, have been arrested for bribery relating to the acquisition of a bioengineering firm. A director of the latter company was also arrested.

The listed company manufactures and sells pharmaceutical products, while the bioengineering firm researches oral insulin capsules.

The two listed company's directors allegedly offered advantages to the bioengineering company director, said to be reward for facilitating the acquisition of the latter company by the former at an inflated price. The acquisition was made through another firm allegedly controlled by one of the executive directors.

The executive directors also allegedly offered advantages to an independent non-executive director of the listed company to resign from the listed company to facilitate the acquisition of the bioengineering firm.

It was also alleged the listed company's executive directors and senior accountant conspired to use false documents in relation to the acquisition, with intent to deceive the firm's board of directors and minority shareholders, and the Stock Exchange.