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.
Foreign travelers entering Taiwan on a short layover via Taiwan Taoyuan International Airport are receiving NT$600 gift vouchers from yesterday, the Tourism Administration said, adding that it hopes the incentive would boost tourism consumption at the airport. The program, which allows travelers holding non-Taiwan passports who enter the country during a layover of up to 24 hours to claim a voucher, aims to promote attractions at the airport, the agency said in a statement on Friday. To participate, travelers must sign up on the campaign Web site, the agency said. They can then present their passport and boarding pass for their connecting international
Temperatures in northern Taiwan are forecast to reach as high as 30°C today, as an ongoing northeasterly seasonal wind system weakens, the Central Weather Administration (CWA) said. CWA forecaster Tseng Chao-cheng (曾昭誠) said yesterday that with the seasonal wind system weakening, warmer easterly winds would boost the temperature today. Daytime temperatures in northern Taiwan and Yilan County are expected to range from 28°C to 30°C today, up about 3°C from yesterday, Tseng said. According to the CWA, temperature highs in central and southern Taiwan could stay stable. However, the weather is expected to turn cooler starting tonight as the northeasterly wind system strengthens again
COOLING OFF: Temperatures are expected to fall to lows of about 20°C on Sunday and possibly 18°C to 19°C next week, following a wave of northeasterly winds on Friday The Central Weather Administration (CWA) on Sunday forecast more rain and cooler temperatures for northern Taiwan this week, with the mercury dropping to lows of 18°C, as another wave of northeasterly winds sweeps across the country. The current northeasterly winds would continue to affect Taiwan through today, with precipitation peaking today, bringing increased rainfall to windward areas, CWA forecaster Liu Pei-teng (劉沛滕) said. The weather system would weaken slightly tomorrow before another, stronger wave arrives on Friday, lasting into next week, Liu said. From yesterday to today, northern Taiwan can expect cool, wet weather, with lows of 22°C to 23°C in most areas,
Taiwan sweltered through its hottest October on record, the Central Weather Administration (CWA) said yesterday, the latest in a string of global temperature records. The main island endured its highest average temperature since 1950, CWA forecaster Liu Pei-teng said. Temperatures the world over have soared in recent years as human-induced climate change contributes to ever more erratic weather patterns. Taiwan’s average temperature was 27.381°C as of Thursday, Liu said. Liu said the average could slip 0.1°C by the end of yesterday, but it would still be higher than the previous record of 27.009°C in 2016. "The temperature only started lowering around Oct. 18 or 19
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