US Treasury Department officials have begun monitoring the operations of Omni Bank (安利銀行) in California at the request of Taiwan's finance officials amid the snowballing Rebar Asia Pacific Group (力霸亞太企業集團) scandal.
Officials from the US Treasury Department's Office of the Comptroller of the Currency (OCC) said on Tuesday that the office had so far found no signs of a bank run or money-laundering at any of the three branches or headquarters of Omni Bank, in which family members of Rebar Group founder Wang You-theng (
OCC officials said the office would take no action on Omni Bank until Lawrence Wang (王令興), chairman of Omni Bank and elder son of Wang Chin Shyh-ying, and Wang Lin-chiao (王令僑), an Omni Bank board director and second son of Wang Chin Shyh-ying, are formally indicted by Taiwanese prosecutors.
The OCC will take legal action against the Wang brothers -- at least one of whom is a US citizen -- when the "appropriateness" of their being executives of the US-based bank is considered by the OCC as "in doubt," the officials said.
The Wang brothers' mother resigned as a vice chairwoman of Omni Bank soon after the Rebar financial scandal erupted earlier this month.
Taiwan's judicial and financial authorities have been in contact with their US counterparts concerning the investigations into the Rebar scandal for assistance in the probe into the financial status and personal assets in the US belonging to Wang You-theng and his wife, as well as into whether there are any connections between the Rebar Group and the California-based Omni Bank.
Omni Bank, headquartered in Alhambra, California, was established in 1979. It was acquired by the Wang family in 1990. Omni Bank maintains three branches in San Jose, Monterey Park and Roland Heights.
Wang You-theng and Wang Chin Shyh-ying are at the center of the snowballing financial scandal and are believed to have stolen billions of dollars in corporate funds before going on the lam. They have been placed on Taiwan's most-wanted list and stand accused of embezzlement, insider trading, fraud and breach of trust.
Taiwanese and US authorities have been communicating in accordance with a Taiwan-US judicial assistance accord signed in March 2002, under which the two sides can help each other to obtain testimony from witnesses, deliver legal documents, ascertain the identities of criminal suspects and their whereabouts, and search for and impound evidence and freeze suspects' assets.
In terms of the accord, Taiwan can ask the US to help investigate the couple's whereabouts and their assets, but must respect the decisions and considerations of the US side.
Taiwan does not yet know how the US authorities will choose to handle the case, a Ministry of Foreign Affairs (MOFA) official said.
Wang and his wife fled Taiwan to China after two Rebar subsidiary companies applied for insolvency protection, which in turn triggered a run on The Chinese Bank (中華銀行), another Rebar affiliate.
After the Wangs reportedly flew to San Francisco on Jan. 13, the Taipei Prosecutor's Office issued wanted notices for them on Jan. 15 which will remain valid for 25 years, after which MOFA invalidated their passports.
The MOFA official said that US judicial officials have responded to the wanted notice by saying that Taiwan should provide documents and evidence for allegations that the Wangs have committed crimes, including fraud, money-laundering and insider trading, if they want any help in this regard from the US.
Also see stories:
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS