Wed, Jun 27, 2012 - Page 4 News List

Gary Wang receives 11-month sentence for fraud

By Rich Chang  /  Staff reporter

Former Eastern Multimedia Group chairman Gary Wang (王令麟), the eldest son of fugitive Rebar Asia Pacific Group founder Wang You-theng (王又曾), was sentenced to 11 months in prison by the Taiwan High Court yesterday for his involvement in a fraudulent land deal.

The high court in a third trial ruled that Gary Wang had perpetrated two breaches of trust and gave him an 11-month prison sentence.

According to the ruling, Gary Wang was involved in a land deal between Far Eastern Silo and Shipping (FESS) and the Taiwan Development and Trust Corp (TDTC) in 1999.

As FESS’ then-chairman, Gary Wang purchased land in Yangmei Township (楊梅), Taoyuan County, from Chu Chieh-tseng (朱介曾) on behalf of the company for NT$845 million (US$25.3 million) in 1998, a price higher than the value of the property at the time, the high court said.

Chu had bought the land in 1995 for NT$500 million.

In November 1999, Gary Wang then sold the land to TDTC at a price that was higher than the market value and embezzled the difference between the price paid and the land’s actual value, the court said.

TDTC and FESS lost a total of NT$1.2 billion in the two deals, the high court added.

Gary Wang can appeal the ruling to the Supreme Court.

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