Reported 8 months ago
Taichung Bank's former chairman, Wang Gui-feng, was indicted by the New Taipei District Prosecutors' Office for allegedly diverting public funds during his tenure to rent luxury cars, a private jet, and a mansion used as an entertainment venue, resulting in a loss of 1.1 billion NT dollars for the group. The prosecutors are seeking a 15-year prison sentence and a 500 million NT dollar fine for Wang Gui-feng, along with an additional 500 million NT dollar fine for Taichung Bank. Wang Gui-feng denied the charges of lavish spending and misuse of funds, but the prosecution criticized his behavior as an abuse of power and arrogance, leading to massive losses for the bank and insurance companies.
Source: YAHOO