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123 people sentenced in Rebar Group embezzlement case

123 people sentenced in Rebar Group embezzlement case

Taipei, Dec. 31 (CNA) A total of 123 individuals were found guilty as the Taipei District Court concluded Wednesday its trial of a high-profile embezzlement case involving the Rebar Asia Pacific Group.
The defendants included seven children of group founder Wang You-theng, who were found to have collaborated with their father to loot funds from various subsidiaries under the business conglomerate.
The major irregularities identified in the court's 4,000-page verdict included the hollowing out of Chia Hsin Food & Synthetic Fiber Co., Great Chinese Bills Finance Corp. and Asia Pacific Broadband Telecom Co. (APBT) ; illegal lending by the Chinese Banks and Union Insurance Co.; and a fake transaction between the Eastern Multimedia Group and APBT. The total amount of funds siphoned off from the group was estimated at more than NT$42.78 billion (US$1.3 billion).
The financial irregularities in the Rebar empire came to light after Wang You-theng and his third wife, Wang Chin She-ying, fled to China in December 2006, soon after the Rebar Group applied for bankruptcy protection.
The couple later flew to the United States in January 2007 and was placed by Taiwanese authorities on the country's most-wanted list Jan. 15, 2007, a listing that will remain in effect through May 2031.
The verdict issued by the Taipei District Court Wednesday did not include a sentence for Wang You-theng, who was indicted in March 2007 on a long list of charges, including fraud, money laundering and insider trading.
Among Wang You-theng's children who were found guilty, former Eastern Multimedia Group President Gary Wang was sentenced to 18 years in jail and fined NT$700 million on 29 counts. His illicit gains totaling more than NT$300 million should also be confiscated, the verdict stated.
Former Rebar Group Chairwoman Wang Ling-mei got 18 years and an NT$150 million fine on 10 counts; former APBT Acting Chairman Wang Ling-tai got 20 years and an NT$700 million fine on eight counts; and former Chia Hsin Food & Synthetic Fiber Co. President Wang Ling-yi got 20 years and an NT$1 billion fine on 132 counts.
Chinese Bank Vice President Wang Ling-chiao was sentenced to 13 years and fined NT$300 million on nine counts; Wang Ling-ke, another Chinese Bank vice president, was sentenced to 10 years and fined NT$100 million; and Yi Feng Asset Management Co. Chairman Lawrence Wang was sentenced to three years and six months.
Other members of the Wang family who were convicted were Wang You-theng's younger brother, former Union Insurance Co. President Frank Wang, who got 16 years and an NT$400 million on 11 counts; and Wang You-theng's second wife, Chen Pei-fang, the head of several Rebar subsidiaries, who got 15 years and an NT$210 million fine on 13 counts. Also Wednesday, the district referred 71 others for prosecution for their alleged involvement in the Rebar scandal. They included former Finance Ministers Lin Chuan and Lee Yung-san as well as former Financial Supervisory Commission Vice Chairwoman Susan Chang.
(By Y.F. Low)

Updated : 2021-05-15 10:31 GMT+08:00