Reported 11 months ago
Former Chairman of Taichung Commercial Bank, Wang Gui-feng, was sued by the New Taipei District Prosecutors Office for embezzling over 1 billion NT of public funds, requesting the judge to detain him. However, the court ruled for his release on a bail of 150 million NT. The prosecution sought 15 years in prison for Wang for violating the Securities and Exchange Act and other crimes, with an additional fine of 500 million NT. The case involves Wang renting yachts, private jets, organizing kart races, renting luxury houses for entertaining purposes, and causing significant financial disorder. The Financial Supervisory Commission also penalized the bank's general manager and branch with salary cuts and fines for closely related financial irregularities involving over 10 billion NT.
Source: YAHOO