Investigators have seized more useful data in their second search of troubled Rebar Asia Pacific Group's (力霸亞太企業集團) headquarters in connection with a probe into the group's suspected involvement in insider trading, prosecution officials said yesterday.
A team headed by Prosecutor Chang Shu-hua (張書華) searched 17 locations, including the Rebar Group headquarters and the homes of the group's board members on Friday, focusing on accounting and transaction records related to suspected insider trading of shares of two ailing Rebar affiliates -- China Rebar Co (中國力霸) and Chia Hsin Food and Synthetic Fiber Co (嘉新食品化纖).
Lin Jinn-tsun (
"The impounded items include computer discs, private notebooks, accounting books and transaction records that will be very helpful with the investigation into the Rebar Group's suspected illegal commercial dealings," Lin said.
The search followed Thursday's raids at more than 30 locations, including China Rebar chairwoman Wang Chin She-ying's (王金世英) office at the Guangfu branch of another of the group's subsidiaries -- The Chinese Bank (中華銀行).
Investigators seized accounting books and notebooks they said contain new evidence linked to insider trading of shares of more than four of the group's firms, Lin said.
"Friday's search has spurred investigators into believing that the group's founder, Wang You-theng (王又曾), had long been deliberating hollowing out the corporate assets," Lin said, adding that Wang had regularly met with the group's six top financial executives to discuss how to embezzle various Rebar affiliates' funds through crossholdings and insider trading.
Judicial probes were launched after China Rebar and Chia Hsin announced on Jan. 4 that they had filed for insolvency protection on Dec. 29, triggering a run on The Chinese Bank the following day.
The investigations initially focused on suspected irregularities at five Rebar subsidiaries -- the Great Chinese Bills Finance Corp's (
As of Friday, two Union Insurance executives -- vice chairman Wang Lin-i (王令一) and president Frank Wang (王事展) -- had been taken into custody pending further investigations, while Chin Shui-ho (金水和), Union Insurance chairman and father of Wang Chin Shyh-ying, had been released on NT$200,000 bail.
After examining the accounting records found during the search, prosecutors said they suspected Eastern Multimedia (
Wang You-theng fled to China on Dec. 30 and his wife, Wang Chin Shih-ying, followed on Jan. 1, only a few days before prosecutors prohibited scores of their family members and Rebar executives from leaving the country.
A group of Taiwanese-American and Tibetan-American students at Harvard University on Saturday disrupted Chinese Ambassador to the US Xie Feng’s (謝鋒) speech at the school, accusing him of being responsible for numerous human rights violations. Four students — two Taiwanese Americans and two from Tibet — held up banners inside a conference hall where Xie was delivering a speech at the opening ceremony of the Harvard Kennedy School China Conference 2024. In a video clip provided by the Coalition of Students Resisting the CCP (Chinese Communist Party), Taiwanese-American Cosette Wu (吳亭樺) and Tibetan-American Tsering Yangchen are seen holding banners that together read:
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