Reported 9 months ago
Former Chairman of Taichung Bank, Wang Gui-feng, was accused of embezzling over 1.1 billion yuan for luxury personal expenses such as renting or buying supercars, luxury cars, entertainment facilities, and private jets during his tenure at Taichung Bank and Taichung Bank Insurance Brokerage. He was released on bail at 150 million yuan, but prosecutors have appealed citing his significant influence in the Taichung Bank Group, connections reaching the Financial Supervisory Commission, and sufficient financial resources to easily flee abroad as reasons. Prosecutors argued that despite court restrictions, only detention can ensure the effective implementation of penalties and protect the defendant's defense rights through appointed lawyers.
Source: YAHOO