The chairman of a troubled conglomerate at the center of an emerging financial scandal is reported to have fled to China with his wife late last month, even as prosecutors yesterday announced they were launching an embezzlement investigation.
On late Saturday, investigators said they were prohibiting Rebar Group chairman Wang You-theng (王又曾) and his family members from leaving the country, as they started to investigate whether or not the family had embezzled assets from the Rebar Group.
Immigration authorities reported that Wang and his wife Chin Shyh-ying (金世英) flew to Hong Kong on Dec. 30.
PHOTO: CNA
The couple and three of their sons, Wang Lin-i (王令一), Wang Lin-tai (王令台) and Wang Lin-chiao (王令僑), two of their daughters, Wang Lin-ke (王令可) and Wang Lin-mei (王令楣), and Wang You-theng's younger brother, Frank Wang (王事展), were prohibited from leaving the country on Saturday, the Ministry of Justice's Investigation Bureau said yesterday.
Wang You theng's remaining son, Eastern Multimedia Group chairman Gary Wang (王令麟) was not on the list.
Although China and Taiwan have a very low-key extradition program, it is almost invariably reserved for petty or violent criminals. It is rare, if not unprecedented, for people suspected of white-collar crimes or corruption to be returned to Taiwan.
Both China Rebar (中國力霸) and Chia Hsin Food & Synthetic Fiber Co (嘉新食品化纖), both under the parent Rebar Asia-Pacific Group (力霸亞太企業集團), filed applications for insolvency protection on Dec.29.
However, the firms delayed notifying the Taiwan Stock Exchange Corp of their insolvency claims immediately -- as required under financial regulations -- postponing notification until Thursday.
On that day, the companies' request to the Taipei District Court for insolvency protection was approved, paving the way for corporate restructuring.
Because of the delay in notification, the stock exchange fined each company NT$50,000 (US$1,530), asserting that the companies had withheld critical information from investors.
Taipei District Prosecutors' Office Spokesman Lin Jinn-tsun (
In the meantime, financial regulators and investigators also found that China Rebar had bought 8.2 million shares of Asia-Pacific Broadband Telecom Co (亞太固網) through its seven affiliates during a period of financial difficulty last September.
The deal was worth NT$73.4 million (US$2.3 million).
Investigators suspect that Asia-Pacific Broadband Telecom Co may have illegally profited through the trade.
Investigators will also probe whether assets from The Chinese Bank (中華銀行), one of the group's affiliates, had been embezzled, Lin added.
A run on the bank on Friday first brought the quickly-expanding scandal into the public's eye. The government's Central Deposit Insurance Corp (中央存保) was forced to intercede, and took over The Chinese Bank at midnight on Friday.
Meanwhile, the Financial Supervisory Commission announced that the state-controlled Taiwan Cooperative Bank (合作金庫銀行) and the private Cathay United Bank (國泰世華銀行) would take over the financially strapped Great Chinese Bills Finance Corp (力華票券), 70 percent held by the Rebar Group.
Taipei has once again made it to the top 100 in Oxford Economics’ Global Cities Index 2025 report, moving up five places from last year to 60. The annual index, which was published last month, evaluated 1,000 of the most populated metropolises based on five indices — economics, human capital, quality of life, environment and governance. New York maintained its top spot this year, placing first in the economics index thanks to the strength of its vibrant financial industry and economic stability. Taipei ranked 263rd in economics, 44th in human capital, 15th in quality of life, 284th for environment and 75th in governance,
The Sports Administration yesterday demanded an apology from the national table tennis association for barring 17-year-old Yeh Yi-tian (葉伊恬) from competing in the upcoming World Table Tennis (WTT) United States Smash tournament in Las Vegas this July. The sports agency said in a statement that the Chinese Taipei Table Tennis Association (CTTTA) must explain to the public why it withdrew Yeh from the WTT tournament in Las Vegas. The sports agency said it contacted the association to express its disapproval of the decision-making process after receiving a complaint from Yeh’s coach, Chuang
Control Yuan Secretary-General Lee Chun-yi (李俊俋) tendered his resignation last night, admitting that he had misused a government vehicle, as reported by media. His resignation was immediately accepted by the Control Yuan. In a statement explaining why he had resigned, Lee apologized for using a Control Yuan vehicle to transport his dog to a pet grooming salon on May 20. The issue first came to light late last month, when TVBS News reported that Lee had instructed his driver to take the dog to the salon. The news channel broadcast photos that it said were taken by an unnamed whistle-blower, which purportedly showed the
The New Taipei City Government would assist relatives of those killed or injured in last month’s car-ramming incident in Sansia District (三峽) to secure compensation, Mayor Hou You-yi (侯友宜) said yesterday, two days after the driver died in a hospital. “The city government will do its best to help the relatives of the car crash incident seek compensation,” Hou said. The mayor also said that the city’s Legal Affairs, Education and Social Welfare departments have established a joint mechanism to “provide coordinated assistance” to victims and their families. Three people were killed and 12 injured when a car plowed into schoolchildren and their