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AstraZeneca: China's Investigation into Exec Separate from Medical Insurance Probe

The AstraZeneca logo is pictured outside the AstraZeneca office building in Brussels, Belgium, January 28, 2021. REUTERS/Johanna Geron/File Photo
The AstraZeneca logo is pictured outside the AstraZeneca office building in Brussels, Belgium, January 28, 2021. REUTERS/Johanna Geron/File Photo
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AstraZeneca: China's Investigation into Exec Separate from Medical Insurance Probe

The AstraZeneca logo is pictured outside the AstraZeneca office building in Brussels, Belgium, January 28, 2021. REUTERS/Johanna Geron/File Photo
The AstraZeneca logo is pictured outside the AstraZeneca office building in Brussels, Belgium, January 28, 2021. REUTERS/Johanna Geron/File Photo

AstraZeneca said on Wednesday that to its knowledge an ongoing investigation by Chinese authorities into the company's top executive in the country, Leon Wang, is separate from a large health insurance fraud case also involving the company.

The drugmaker said its Chief Financial Officer Aradhana Sarin had briefed investors on the subject on Wednesday to quell concerns about the fraud probe expanding following a report by financial media company Yicai a day earlier that led its shares to plunge more than 8%.

The Anglo-Swedish drugmaker confirmed on Wednesday that Wang, its China president, was in Chinese custody. One week ago, AstraZeneca said that Wang was under investigation and that the drugmaker would cooperate with authorities, according to Reuters.

AstraZeneca said on Wednesday it did not know what Wang was detained for.

The Yicai report on Tuesday said that dozens of the drugmaker's senior executives in China could be implicated in the largest insurance fraud case in the country's pharma sector in years. But AstraZeneca said on Wednesday that to its knowledge the insurance fraud case did not involve any current AstraZeneca executives.

AstraZeneca has invested heavily in the world's No. 2 pharmaceuticals market.

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Worst November Snowstorm in Half Century Hits Seoul and Grounds Hundreds of Airplane Flights

Macao tourists wearing Korean traditional Hanbok dresses take pictures amid snowfall at the Gyeongbokgung Palace in Seoul, South Korea, 27 November 2024. (EPA)
Macao tourists wearing Korean traditional Hanbok dresses take pictures amid snowfall at the Gyeongbokgung Palace in Seoul, South Korea, 27 November 2024. (EPA)
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Worst November Snowstorm in Half Century Hits Seoul and Grounds Hundreds of Airplane Flights

Macao tourists wearing Korean traditional Hanbok dresses take pictures amid snowfall at the Gyeongbokgung Palace in Seoul, South Korea, 27 November 2024. (EPA)
Macao tourists wearing Korean traditional Hanbok dresses take pictures amid snowfall at the Gyeongbokgung Palace in Seoul, South Korea, 27 November 2024. (EPA)

The most severe November snowstorm to hit South Korea's capital in more than a half century blanketed the capital on Wednesday, grounding hundreds of airplane flights and disrupting commuter traffic.

South Korea’s weather agency said 20 centimeters (7.8 inches) of snow fell in northern areas of Seoul and nearby areas. The agency said it was the heaviest snowstorm Seoul has experienced in 52 years. A storm on Nov. 28, 1972 dumped 12 centimeters (4.7) inches of snow on the capital.

South Korea’s Yonhap news agency said one person died and four others were injured in a five-vehicle accident in the eastern town of Hongcheon.

The storm blanketed much of the country, with the country’s central, eastern and southwestern regions seeing about 10 to 23 centimeters (3.9 to 9 inches) of snow.

At least 220 flights were canceled or delayed at airports nationwide, while authorities ordered around 90 ferries to remain at port. They also shut down hundreds of hiking trails .

Icy road conditions slowed down the morning commute in Seoul, while emergency workers across the country responded to fallen trees, signs, and other safety risks.

The weather agency said snow will continue in most parts of the country until noon Thursday.

President Yoon Suk Yeol instructed the safety and transport ministries to mobilize all available relevant personnel and equipment to prevent traffic accidents and other snow-related incidents.

Yoon also asked officials to convey weather and traffic information to the public swiftly to help ensure they avoid snow-related damages and inconveniences, according to the presidential office.