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.
Auckland rang in 2026 with a downtown fireworks display launched from New Zealand’s tallest structure, Sky Tower, making it the first major city to greet the new year at a celebration dampened by rain, while crowds in Taipei braved the elements to watch Taipei 101’s display. South Pacific countries are the first to bid farewell to 2025. Clocks struck midnight in Auckland, with a population of 1.7 million, 18 hours before the famous ball was to drop in New York’s Times Square. The five-minute display involved 3,500 fireworks launched from the 240m Sky Tower. Smaller community events were canceled across New Zealand’s
The Ministry of Foreign Affairs (MOFA) yesterday said it is closely monitoring developments in Venezuela, and would continue to cooperate with democratic allies and work together for regional and global security, stability, and prosperity. The remarks came after the US on Saturday launched a series of airstrikes in Venezuela and kidnapped Venezuelan President Nicolas Maduro, who was later flown to New York along with his wife. The pair face US charges related to drug trafficking and alleged cooperation with gangs designated as terrorist organizations. Maduro has denied the allegations. The ministry said that it is closely monitoring the political and economic situation
‘SLICING METHOD’: In the event of a blockade, the China Coast Guard would intercept Taiwanese ships while its navy would seek to deter foreign intervention China’s military drills around Taiwan this week signaled potential strategies to cut the nation off from energy supplies and foreign military assistance, a US think tank report said. The Chinese People’s Liberation Army (PLA) conducted what it called “Justice Mission 2025” exercises from Monday to Tuesday in five maritime zones and airspace around Taiwan, calling them a warning to “Taiwanese independence” forces. In a report released on Wednesday, the Institute for the Study of War said the exercises effectively simulated blocking shipping routes to major port cities, including Kaohsiung, Keelung and Hualien. Taiwan would be highly vulnerable under such a blockade, because it
UNRELENTING: China attempted cyberattacks on Taiwan’s critical infrastructure 2.63 million times per day last year, up from 1.23 million in 2023, the NSB said China’s cyberarmy has long engaged in cyberattacks against Taiwan’s critical infrastructure, employing diverse and evolving tactics, the National Security Bureau (NSB) said yesterday, adding that cyberattacks on critical energy infrastructure last year increased 10-fold compared with the previous year. The NSB yesterday released a report titled Analysis on China’s Cyber Threats to Taiwan’s Critical Infrastructure in 2025, outlining the number of cyberattacks, major tactics and hacker groups. Taiwan’s national intelligence community identified a large number of cybersecurity incidents last year, the bureau said in a statement. China’s cyberarmy last year launched an average of 2.63 million intrusion attempts per day targeting Taiwan’s critical
RSS