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
NEXT GENERATION: The four plants in the Central Taiwan Science Park, designated Fab 25, would consist of four 1.4-nanometer wafer manufacturing plants, TSMC said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) plans to begin construction of four new plants later this year, with the aim to officially launch production of 2-nanometer semiconductor wafers by late 2028, Central Taiwan Science Park Bureau director-general Hsu Maw-shin (許茂新) said. Hsu made the announcement at an event on Friday evening celebrating the Central Taiwan Science Park’s 22nd anniversary. The second phase of the park’s expansion would commence with the initial construction of water detention ponds and other structures aimed at soil and water conservation, Hsu said. TSMC has officially leased the land, with the Central Taiwan Science Park having handed over the
AUKUS: The Australian Ambassador to the US said his country is working with the Pentagon and he is confident that submarine issues will be resolved Australian Ambassador to the US Kevin Rudd on Friday said that if Taiwan were to fall to China’s occupation, it would unleash China’s military capacities and capabilities more broadly. He also said his country is working with the Pentagon on the US Department of Defense’s review of the AUKUS submarine project and is confident that all issues raised will be resolved. Rudd, who served as Australian prime minister from 2007 to 2010 and for three months in 2013, made the remarks at the Aspen Security Forum in Colorado and stressed the longstanding US-Australia alliance and his close relationship with the US Undersecretary
‘WORLD WAR III’: Republican Representative Marjorie Taylor Greene said the aid would inflame tensions, but her amendment was rejected 421 votes against six The US House of Representatives on Friday passed the Department of Defense Appropriations Act for fiscal 2026, which includes US$500 million for Taiwan. The bill, which totals US$831.5 billion in discretionary spending, passed in a 221-209 vote. According to the bill, the funds for Taiwan would be administered by the US Defense Security Cooperation Agency and would remain available through Sept. 30, 2027, for the Taiwan Security Cooperation Initiative. The legislation authorizes the US Secretary of Defense, with the agreement of the US Secretary of State, to use the funds to assist Taiwan in procuring defense articles and services, and military training. Republican Representative
TAIWAN IS TAIWAN: US Representative Tom Tiffany said the amendment was not controversial, as ‘Taiwan is not — nor has it ever been — part of Communist China’ The US House of Representatives on Friday passed an amendment banning the US Department of Defense from creating, buying or displaying any map that shows Taiwan as part of the People’s Republic of China (PRC). The “Honest Maps” amendment was approved in a voice vote on Friday as part of the Department of Defense Appropriations Act for the 2026 fiscal year. The amendment prohibits using any funds from the act to create, buy or display maps that show Taiwan, Kinmen, Matsu, Penghu, Wuciou (烏坵), Green Island (綠島) or Orchid Island (Lanyu, 蘭嶼) as part of the PRC. The act includes US$831.5 billion in
RSS