Apple's Chinese supplier Luxshare Precision Industry's head has been eventually indicted by the Taiwanese prosecutors for utilizing a shell company to secretly take over a key local company. Grace Wong, the Luxshare Chairperson has definitely used a Hong Kong firm to mask her company's identity and obtain shares in Taiwan-headquartered Speed Tech in 2012. Mainland Chinese companies were allowed to try and do business on the island solely once they have been obtaining the approval from local authorities. Earlier, Taiwan had accused of Luxshare of stealing industrial secrets from a Taiwanese supplier. 

HIGHLIGHTS
Grace Wong used Hong Kong firm to mask her company's identity
Mainland Chinese companies were allowed to do business on the island
The Chinese company had recently got agreed to acquire Wistron's iPhone unit

As per a report, Taiwanese prosecutors in a court had filed alleged that Grace Wang used a Hong Kong firm to cover the identity of her company and buy shares in Speed Tech in 2012. As per Taiwanese law, the mainland Chinese companies cannot conduct business on the island without getting the approval from the local authorities.

Luxshare that generally produces basic tech accessories and parts like cables, chargers and antennas which emerged as a global iPhone assembler in recent years. The Chinese company had recently got agreed to acquire Wistron's iPhone unit.

Most of the mainland Chinese companies were eventually accused of technology theft. This year in the month of July, Taiwanese prosecutors have accused Luxshare of stealing industrial secrets from a Taiwanese supplier and preparing its workforce to win orders from the US company.

Prosecutors in New Taipei had found that China's Luxshare Precision Industry had targeted Taiwanese challenger Catcher Technology 'in order to quickly get into the Apple production chain to win orders.' Well, they had charged fourteen individuals in reference to the case for breach of trust.

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