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Acting chairwoman of China Rebar freed on bail

The Taipei Public Prosecutor's Office released Wang Lin-mei (王令楣), the acting chairwoman of China Rebar Co (中國力霸), on NT$8 million (US$242,718) bail yesterday.

Prosecutors questioned her for more than 12 hours about the illegal transfer of company funds into the accounts of members of the Wang family. They set the bail at NT$8 million after discovering that she had played a major role in the hollowing out of China Rebar -- one of the subsidiaries owned by Rebar Asia Pacific Group (力霸亞太企業集團).

Daughter

Wang Lin-mei is the daughter of fugitive tycoon Wang You-theng (王又曾), founder and owner of the Rebar Group, who has fled to the US with his fourth wife Wang Chin She-ying (王金世英).

Wang Lin-mei was questioned along with the secretary of one of China Rebar's vice presidents, and five department chiefs in charge of the company's finances.

The secretary was released on NT$2 million bail, while three accounting officers were discharged on lesser bail figures.

Wanted

Wang You-theng and his wife are wanted for questioning about insider trading and embezzlement within the Rebar Group. Wang You-theng and his wife fled Taiwan only days after China Rebar and Rebar Group-owned Chia Hsin Food and Synthetic Fiber Co (嘉新食品化纖) filed insolvency requests with the Taipei District Court.

As of Saturday, 26 Rebar Group employees, including many of Wang You-theng's adult children in executive positions, had been charged with embezzlement, granting illegal bad loans or insider trading.

As the investigation into the scandal continues, the Taipei Prosecutor's Office has banned 83 defendants and suspects from leaving Taiwan.
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