Court says Wang family can be released on bail

The Taipei District Court yesterday upheld a previous ruling, saying that four family members of Wang You-theng (王又曾), the fugitive founder of the Rebar Asia Pacific Group (力霸亞太企業集團), may be released if they post NT$150 million (US$4.6 million) in bail.

The Taipei District Court on Feb. 4 announced that Wang's younger brother, Frank Wang (王事展), and three of Wang You-theng's children -- China Rebar Co (中國力霸) vice chairman Wang Lin-tai (王令台), Asia Pacific Broadband Telecom Co (亞太固網寬頻) president Wang Lin-i (王令一) and Chia Hsin Food and Synthetic Fiber Co (嘉新食品化纖) chairman Wang Lin-chiao (王令僑) -- could be released after payment of the bail.

The Taipei District Prosecutors' Office filed an appeal with the Taiwan High Court on that day in an attempt to overturn the district court's decision and requested that the suspects be held without bail.

The high court later decided that the Taipei District Court must re-examine its ruling.

The district court held the hearing yesterday afternoon.

The four suspects promised they would not flee from the county and appealed to the court to lower the amount of bail, but the court at 5:30pm decided to maintain its former ruling.

The four were then returned to a detention center.

In an indictment last March, the prosecution said the Wang family obtained illegal benefits by setting up numerous dummy corporations through which they engaged in fraud, insider trading and embezzlement.

The scandal broke in January last year when two Rebar member companies -- Chia Hsin Food and Synthetic Co and China Rebar Co -- filed for bankruptcy restructuring with the Taipei District Court, sparking a run on the Chinese Bank (中華銀行), another Rebar subsidiary.

Wang You-theng and his wife, Wang Chin She-ying (王金世英), are presently in the US and are on Taiwan's most-wanted list.