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Prosecutors seek 30-year jail term for Rebar tycoon

Taipei prosecutors yesterday sought a prison sentence of 30 years and an unprecedented fine of NT$1.71 billion (US$52.13 million) for fugitive former Rebar Group (力霸集團) chairman Wang You-theng (王又曾) as they indicted him on embezzlement and other charges.

Eight members of Wang's family were also indicted on six different charges, as well as 98 employees of the Rebar Group.

Wang was indicted on charges related to the Securities Transaction Law (證券交易法), Banking Law (銀行法), Bill Financing Law (票券金融管理法), Money Laundering Control Law (洗錢防制法), Business Accounting Law (商業會計法) and Criminal Code.

Wang's wife Wang Chin She-ying (王金世英) faces a NT$710 million fine and 28 years in prison if convicted.

She was charged with violations of the Securities Transaction Law, Money Laundering Control Law, Business Accounting Law and Criminal Code, with prosecutors suggesting a NT$710 million fine and 28-year prison sentence.

The couple were declared wanted fugitives by the Taipei District Prosecutors' Office on Jan. 25. Their arrest warrant is valid for 25 years.

"We will send a copy of the indictment to US authorities, and hope they will help send Wang and his wife back to Taiwan as soon as possible," Taipei District Prosecutors' Office spokesman Lin Jinn-tsun (林錦村) said.

The fines prosecutors are seeking against the Wang family total NT$5.42 billion.

Taipei Prosecutor-General Yen Da-ho (顏大和) said the investigation into the Rebar case broke several records in the country's judicial history, including the highest proposed jail term and fine for a single suspect, the largest amount of money involved and a record of 4,000 prosecutors and related legal workers mobilized for the investigation.

The investigation required two full months and resulted in 100 boxes of documents and a 940-page indictment book.

The case revolves around 80 companies and more than NT$70 billion in missing funds.

During the investigation, a total of 96 people were banned from leaving the country for interrogation purposes.

The Rebar Group made front pages around the nation when it filed for bankruptcy on Jan. 4 and investigators discovered that Wang You-theng and his wife had left Taiwan for China on Dec. 30.

On Jan. 11, Wang Lin-i (王令一) and Frank Wang (王世展) became the first two members of the Wang family to be detained in the investigation. Wang Lin-tai (王令台) was detained on Jan. 23. Wang Lin-mei (王令楣) was questioned but released on NT$8 million bail on Jan. 27.

On Jan. 29, Wang Lin-ke (王令可) was summoned and then released on NT$6 million bail the next day.

On Jan. 31, Lawrence Wang (王令興) was interrogated and released on NT$5 million bail, while his brother Wang Lin-chiao (王令僑) was detained on the same day.

Wang You-theng and his wife are suspected of having embezzled billions of dollars in corporate funds from the Rebar Group before fleeing to China and then to the US.

Taiwanese officials are trying in vain to persuade US authorities to deport Wang You-theng from Los Angeles to face charges, but he remains in detention at a San Pedro immigration holding center.

He has been incarcerated there since Feb. 2, facing charges of illegal entry into the US.

His wife, who holds US citizenship, was allowed to enter the US.

Wang You-theng was arrested upon his return to the US from an abortive attempt to travel to Myanmar via Singapore, because both his Republic of China and Dominican Republic passports had been canceled, rendering his US visa invalid.
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