Reported 9 months ago
On June 28, 2024, at 3:24 a.m., the New Taipei District Court ruled for Wang Gui-Feng to be released on bail of 1.5 billion NT dollars, but the New Taipei prosecutors have appealed to the High Court, which is likely to restart the detention process next week. Wang Gui-Feng, former chairman of Taichung Commercial Bank, is accused of misappropriating over 1.1 billion NT dollars of public funds to rent luxury cars, private jets, and mansions for himself and his relatives and friends. During the investigation, prosecutors found a Financial Supervisory Commission personnel leaked confidential audit information, leading to shock and legal actions. Wang's extravagant lifestyle also involved hosting political and business elites, with details emerging about free trips abroad and lavish entertainment. After being indicted last week and being in custody for nearly four months, Wang was granted bail with strict conditions, which he quickly met. Prosecutors have lodged an appeal against this decision.
Source: YAHOO