Taiwan President Tsai Ing-wen says her administration does not hold any shares of a local vaccine developer, hitting back on Monday at claims the ruling Democratic Progressive Party received improper advantages through speculating in the drugmaker.

The rumors came after the stock price of Medigen Vaccine Biologics soared from NT$51 last February to NT$350.5 at the end of May, which caused opposition parties to question whether the Democratic Progressive Party had been involved in speculation.

Tsai said in a video released on Monday that no government personnel were involved in stock speculation, and if anyone made accusations with evidence as proof, the government would strictly investigate the cases according to the law.

Founded in October 2012, the Taiwan-based Medigen Vaccine Biologics signed a contract with the United States’ National Institutes of Health on Feb. 26 last year for technology transfer related to the COVID-19 vaccine, becoming one of few domestic COVID-19 vaccine manufacturers in Taiwan.

According to Tsai’s personal property declaration to the island’s auditory body on Nov. 1 last year, Tsai did not hold any shares in Medigen Vaccine Biologics. Vice President William Lai, premier Su Tseng-chang and former vice president Chen Chien-jen also did not hold any shares in the drugmaker.

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