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.
Aftershocks from a magnitude 6.2 earthquake that struck off Yilan County at 3:45pm yesterday could reach a magnitude of 5 to 5.5, the Central Weather Administration (CWA) said. Seismological Center technical officer Chiu Chun-ta (邱俊達) told a news conference that the epicenter of the temblor was more than 100km from Taiwan. Although predicted to measure between magnitude 5 and 5.5, the aftershocks would reach an intensity of 1 on Taiwan’s 7-tier scale, which gauges the actual effect of an earthquake, he said. The earthquake lasted longer in Taipei because the city is in a basin, he said. The quake’s epicenter was about 128.9km east-southeast
GENSLER SURVEY: ‘Economic infrastructure is not enough. A city needs to inspire pride, offer moments of joy and foster a sense of belonging,’ the company said Taipei was named the city with the “highest staying power” in the world by US-based design and architecture firm Gensler. The Taiwanese capital earned the top spot among 65 cities across six continents with 64 percent of Taipei respondents in a survey of 33,000 people saying they wanted to stay in the city. Rounding out the top five were Vietnam’s Ho Chi Minh City (61 percent), Singapore (59 percent), Sydney (58 percent) and Berlin (51 percent). Sixth to 10th place went to Monterrey, Mexico; Munich, Germany; Sao Paulo, Brazil; Vancouver; and Seoul. Cities in the US were ranked separately, with Minneapolis first at
The Japan-Taiwan Exchange Association has cautioned Japanese travelers to be vigilant against pickpockets at several popular tourist spots in Taiwan, including Taipei’s night markets, the Yongkang Street area, Zhongshan MRT Station, and Jiufen (九份) in New Taipei City. The advisory, titled “Recent Development of Concerns,” was posted on the association’s Web site under its safety and emergency report section. It urges travelers to keep backpacks fully zipped and carried in front, with valuables placed at the bottom of the bag. Visitors are advised to be especially mindful of their belongings when taking photos or speaking on the phone, avoid storing wallets and
The New Taipei City Government today warned about the often-overlooked dangers of playing in water, and recommended safe swimming destinations to cool off from the summer heat. The following locations in the city as safe and fun for those looking to enjoy the water: Chienshuiwan (淺水灣), Baishawan (白沙灣), Jhongjiao Bay (中角灣), Fulong Beach Resort (福隆海水浴場) and Sansia District’s (三峽) Dabao River (大豹溪), New Taipei City Tourism and Travel Department Director-General Yang Tsung-min (楊宗珉) said. Outdoor bodies of water have variables outside of human control, such as changing currents, differing elevations and environmental hazards, all of which can lead to accidents, Yang said. Sudden
RSS