Alexa

Wanted tycoon's children to serve prison terms

  339
Wanted tycoon's children to serve prison terms

Taipei, Aug. 14 (CNA) Taiwan's Supreme Court on Wednesday upheld a lower court's verdicts against wanted tycoon Wang You-theng's five children, who had been sentenced to between 5.5 and 30 years in prison. The Supreme Court ruled that Gary Wang, Wang Lin-i, Wang Lin-tai, Wang Lin-mei and Wang Lin-chiao had violated the Securities and Exchange Act and were guilty of other charges related to the China Rebar Group case. The tycoon's five children will have to serve their prison sentences as the verdict is final and cannot be appealed. Their father, now 86, fled Taiwan in late 2006 amid allegations of embezzlement and fraud and is believed to be hiding in the United States. He is listed as one of Taiwan's 10 most wanted economic criminals. The Supreme Court reached the verdict based on the findings that the Wang family members, who were appointed to senior positions in various companies in the group, defrauded investors and banks of billions of dollars by means of false accounting and other fraudulent actions over a long period of time. The China Rebar Group, set up by the senior Wang in 1959, started out as a manufacturer of steel reinforcement beams but later expanded into an empire of companies doing business in textiles, hotels, real estate, insurance, banking and telecommunications. Among Wang You-theng's eight children, from four marriages, Gary Wang is the most visible. He is chairman of Eastern Media International, a company group that engages in a range of businesses, from warehousing to recreation and digital media. A spokesperson said the company, which recently received class A transparency certification, would not be affected in terms of its operations if a new chairman had to be appointed. (By Huang Yi-han, Maranda Hsu and Jay Chen)


Updated : 2021-02-25 22:29 GMT+08:00