Wang You-theng (王又曾), the fugitive chairman of the now-defunct Rebar Asia Pacific Group (力霸企業集團), was killed in a car crash early on Friday in California, where he had lived for several years after fleeing the country following his indictment on embezzlement charges.
He was 89.
US media reports indicate that Wang’s vehicle was caught in a five-car pileup in West Covina, California, while traveling to make preparations for his daughter’s wedding.
The crash took place on the westbound Interstate 10 between Citrus and Barranca avenues at 1:10am on Friday, according to local media reports.
Wang was reportedly unconscious as his wife, Wang Chin She-ying (王金世英), pulled him out of the burning wreckage of his German luxury sedan.
He was taken to a local hospital, where he was pronounced dead.
His wife, who had been driving the car, reportedly survived the crash without serious injuries. A person in one of the other vehicles also died.
The West Covina coroner’s office identified Wang on Saturday.
Born in China, Wang ran a department store in Shanghai, then fled to Taiwan following the defeat of the Chinese Nationalist Party (KMT) by the Chinese Communist Party in 1949, where he invested in a popular night club.
He later built a business empire through the personal connections he made with notable industry leaders who frequented his nightclub.
Wang befriended and gained the trust of business magnate Ong Ming-chung (翁明昌), and took over management of a number Ong’s companies that later became the foundation of Rebar Group following Ong’s sudden death in 1977.
During its height, Rebar Group’s assets exceeded NT$400 billion (US$12.24 billion at current exchange rates), and encompassed industries including banking, constructions, steel, retail, hospitality, real estate, media, telecoms and cement.
However, the group began racking up massive losses, and Wang was discovered to have embezzled about NT$32 billion from subsidiaries of his business empire by funneling funds via bogus loans through his bank, the now-defunct Chinese Bank (中華商業銀行).
After being charged with embezzlement, Wang and his wife fled Taiwan on Dec. 30, 2006 — first to Hong Kong, then China and then to the US — and remained at large while maintaining a lavish lifestyle, while their seven children received jail terms and fines for their involvement in the collapse of Rebar Group.
With his death, Wang left behind 69 civil cases against him and countless disenfranchised Rebar Group investors.
This story has been corrected since it was first published to note that Wang had been indicted on embezzlement charges, but was not convicted.
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