Reported 12 months ago
Former chairman of Taichung Commercial Bank, King Kuei-feng, was accused of misappropriating over NT$ 1.1 billion during his tenure, using the funds for renting luxury cars, sports cars, entertainment facilities, and a private jet for personal extravagant living. The New Taipei District Court set bail at NT$ 150 million. Despite the prosecution's appeal arguing potential flight risks due to King's significant control within the bank group, the Taiwan High Court upheld the decision. The charges outlined King abusing his authority to lease luxury cars and a private jet, causing losses exceeding NT$ 11 billion for the bank and its brokerage company. King managed to raise the bail amount within 2.5 hours and left swiftly.
Source: YAHOO