Gary Wang (
Prosecutors requested that the Taipei District Court sentence Gary Wang to 28 years in jail and impose a fine of NT$1 billion (US$30 million).
Gary Wang is the son of Rebar Asia Pacific Group (
PHOTO: LO PEI-DER, TAIPEI TIMES
US immigration authorities are in the process of appealing the court ruling that led to his release on bail.
"Gary Wang, his father Wang You-theng, members of the Wang family and Gary Wang's associates are suspected of embezzling a total of NT$41.2 billion from the group," Lin Jinn-tsun (
corruption
"Gary Wang and the other defendants are charged with violations of the Securities and Exchange Law (
Gary Wang's wife Tsai Hsueh-ching (
EMG chief financial officer Tung Chia-ching (
Former Taipei City Sports Department director Liu Jia-tseng (劉家增) was indicted on suspicion of helping EMG win the contract to operate the Taipei Arena. Prosecutors requested five years in prison.
Prosecutor Lin said the Wangs used a number of mechanisms to embezzle funds from the companies from 1998 to last year.
"Wang senior and junior seriously jeopardized the country's economic and financial order, and they deserve heavy punishment," Lin said.
He claimed that Gary Wang made illegal profits from the sale of a majority stake in Eastern Multimedia to the US-based Carlyle Group.
profited
Lin said Gary Wang bought the cable operator's shares before the sale to Carlyle was announced and later profited from selling them at a higher price to the equity firm.
The sale in April last year was valued at US$1.3 billion.
Lin did not give a figure on how much Wang allegedly profited from the deal.
Gary Wang also embezzled NT$17.48 billion from Asia Pacific Broadband Telecom Co (
Prosecutors suspect that Gary Wang and his father embezzled NT$3.59 billion from the sale of one of the group's properties to Union Insurance Co (
Lin said prosecutors also suspected that the younger Wang bribed former Taipei City official Liu to win the contract to operate the Taipei Arena for a eriod of nine years.
Additional reporting by AP
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