Backed by leads which prosecutors categorized as a "major breakthrough," the Taipei District Prosecutors' Office yesterday said it was poised to raid subsidiaries of the Rebar Asia Pacific Group (
"Probe actions could be launched anytime after investigators gained possession of documents relating to a potential scandal involving the Rebar Group," Taipei District Prosecutors' Office spokesman Lin Jinn-tsun (林錦村) said.
Taipei prosecutors were yesterday collecting and analyzing documents relating to a possible insider trading and embezzlement scandal in the Rebar Group.
"Prosecutors have received a possible lead from the Financial Supervisory Commission [FSC] on a suspected case of illegal trading involving The Chinese Bank and other firms," Lin said, adding that the FSC documents would serve as "a solid base for the investigation."
Lin said that Lead Prosecutor Chuang Cheng (
The FSC said it found "frequent and substantial amounts of unusual selling activity" involving shares in The Chinese Bank (
The regulator said it identified 10 insiders from across the firms who had offloaded 7.8 million Chia Hsin shares and 2 million shares in The Chinese Bank.
The FSC said yesterday that it had asked prosecutors to press charges against China Rebar Co and Chia Hsin Food and Synthetic Fiber Co chairperson Wang Chin Shyh-ying (
The two companies' delay in disclosing the board's decision made on Dec. 29 to file for insolvency protection had violated financial regulations, the commission said.
The firms did not reveal the information to investors until Jan. 4.
The commission said it had also found that insiders at Eastern Multimedia Group (東森多媒體), which is also controlled by the Wang family, sold shares before the disclosure, which could be construed as an illegal trading offense.
Eastern Multimedia chairman Gary Wang (
The FSC said it was investigating whether The Chinese Bank had illegally granted loans to firms belonging to Rebar Group, which reportedly controls up to 136 companies. One member of the group, the Great Chinese Bills Finance Corp (
Rebar Group chairman Wang You-theng (王又曾) and his wife fled to China late last month.
Immigration authorities reported that Wang and his wife, Chin Shyh-ying, flew to Hong Kong on Dec. 30.
Wang is reportedly staying in a deluxe hotel in Shanghai.
Meanwhile, FSC Spokesperson Susan Chang (
This would bring the estimated total withdrawals since the run occurred on The Chinese Bank last Friday to some NT$33 billion at press time last night.
A surplus of NT$30 billion remains that was provided by the government restructuring fund to handle further withdrawals from the troubled bank, Chang added.
Additional reporting by Amber Chung
also see stories:
Lawmakers slam finance officials
Fitch applies the screws over Rebar Group debacle
DEFENDING DEMOCRACY: Taiwan shares the same values as those that fought in WWII, and nations must unite to halt the expansion of a new authoritarian bloc, Lai said The government yesterday held a commemoration ceremony for Victory in Europe (V-E) Day, joining the rest of the world for the first time to mark the anniversary of the end of World War II in Europe. Taiwan honoring V-E Day signifies “our growing connections with the international community,” President William Lai (賴清德) said at a reception in Taipei on the 80th anniversary of V-E Day. One of the major lessons of World War II is that “authoritarianism and aggression lead only to slaughter, tragedy and greater inequality,” Lai said. Even more importantly, the war also taught people that “those who cherish peace cannot
Taiwanese Olympic badminton men’s doubles gold medalist Wang Chi-lin (王齊麟) and his new partner, Chiu Hsiang-chieh (邱相榤), clinched the men’s doubles title at the Yonex Taipei Open yesterday, becoming the second Taiwanese team to win a title in the tournament. Ranked 19th in the world, the Taiwanese duo defeated Kang Min-hyuk and Ki Dong-ju of South Korea 21-18, 21-15 in a pulsating 43-minute final to clinch their first doubles title after teaming up last year. Wang, the men’s doubles gold medalist at the 2020 and 2024 Olympics, partnered with Chiu in August last year after the retirement of his teammate Lee Yang
The Philippines yesterday criticized a “high-risk” maneuver by a Chinese vessel near the disputed Scarborough Shoal (Huangyan Island, 黃岩島) in a rare incident involving warships from the two navies. The Scarborough Shoal — a triangular chain of reefs and rocks in the contested South China Sea — has been a flash point between the countries since China seized it from the Philippines in 2012. Taiwan also claims the shoal. Monday’s encounter took place approximately 11.8 nautical miles (22km) southeast” of the Scarborough Shoal, the Philippine military said, during ongoing US-Philippine military exercises that Beijing has criticized as destabilizing. “The Chinese frigate BN 554 was
US Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson Greer began talks with high-ranking Chinese officials in Switzerland yesterday aiming to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy. The US delegation has begun meetings in Geneva with a Chinese delegation led by Chinese Vice Premier He Lifeng (何立峰), Xinhua News Agency said. Diplomats from both sides also confirmed that the talks have begun, but spoke anonymously and the exact location of the talks was not made public. Prospects for a major breakthrough appear dim, but there is
RSS