TAIPEI (Taiwan News) — The former chair of Taichung Commercial Bank Wang Kuei-feng (王貴鋒) was sentenced to 15 years in prison and hit with a NT$500 million (US$15.4 million) fine for embezzling public funds, on Friday (June 21).

New Taipei District Prosecutors Office indicted Wang for breach of trust, per CNA. Prosecutors claimed Wang misused NT$1.1 billion of public funds for personal use, including luxury cars and private jet rentals.

Additionally, prosecutors slapped a NT$500 million fine on Taichung Commercial Bank for neglecting depositor and shareholder interests and failing to maintain internal controls, per UDN.

Taichung Commercial Bank said Friday it had already elected a new chair on March 18.

The bank assured investors that its financial and business operations are running smoothly and remain unaffected by the case.