Reported 12 months ago
Former Chairman of Taichung Commercial Bank, Wang Guifeng, has been accused of embezzling over 1.1 billion with the involvement of Taichung Bank insurance broker company chairman Lai Lizhi and luxury car rental businessman Zhou Zhenan. Despite the prosecution's efforts to appeal his release, the High Court rejected the appeal, allowing Wang Guifeng to remain free on bail. The court found that he had misused funds for extravagant living, including renting luxury cars and private jets, resulting in the depletion of bank and insurance company funds.
Source: YAHOO