Reported 8 months ago
Former Chairman of Taichung Commercial Bank, Wang Guifeng, is accused of embezzling the bank's funds for luxury car rentals, private planes, yachts, and more. Wang was sued by the New Taipei District Prosecutors Office on June 21, with prosecutors seeking his detention but the court granted his release on bail of 150 million. Prosecutors allege Wang misused his authority to engage in extravagant behavior, leading to losses of 1.1 billion in the bank. Prosecutors are demanding a 15-year prison sentence and a fine of 500 million, citing his arrogance, lack of regard for laws, and negative impact on corporate governance and financial stability.
Source: YAHOO