Taichung Commercial Bank chairman Wang Kuei-fong (王貴鋒) was yesterday detained and held incommunicado on suspicion of misspending more than NT$1 billion (US$31.69 million) in company funds on personal luxuries, including a rental property in central Taipei and a private jet.
Prosecutors said that Wang used Taichung Bank assets in a range of transactions with Top Speed Leasing and Finance Co (極緻租賃公司), a company owned by his friend Chou Che-nan (周哲男), who was also detained and held incommunicado yesterday.
In addition to renting several luxury vehicles, Wang allegedly used the bank’s money to rent a Bombardier Challenger 350 private jet from Chou’s company, which he used for private trips abroad with family and friends.
Photo: CNA
Wang is also suspected of using bank funds to rent and decorate a luxury property owned by Chou’s company in Taipei, which he used for private receptions, prosecutors said.
From 2014 to 2018, Wang transferred varying sums of the bank’s money to Chou’s marketing company for unspecified “advertising fees,” prosecutors said, adding that he is believed to have misappropriated more than NT$1 billion in total.
During a search last month, New Taipei City prosecutors seized seven luxury vehicles and two motorcycles in connection with the investigation, and also detained Wang, Chou and Taichung Bank Insurance Broker Co chairwoman Lai Li-tzu (賴麗姿) for questioning.
During an initial hearing, the New Taipei City District Court set bail of between NT$3 million and NT$15 million for the three suspects.
However, prosecutors appealed the decision. On Friday, the High Court reversed the judgement and sent it back to the lower court.
At a follow-up bail hearing yesterday, the New Taipei City District Court ordered that Wang and Chou be detained and held incommunicado, as both were suspected of serious breaches of the Banking Act (銀行法) and the Securities and Exchange Act (證券交易法), and could try to flee the country, collude with others or destroy evidence.
The court set bail at NT$5 million for Lai, who is suspected of crimes including breach of trust. It set restrictions on her place of residence and banned her from leaving the country.
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