Reported about 1 year ago
On June 20, 2024, former chairman of Taichung Commercial Bank, Wang Guifeng, was indicted for allegedly embezzling nearly 1 billion NT dollars of public funds. After being detained for close to 4 months for misusing funds on activities like renting yachts, private jets, go-kart races, and luxury housing, the New Taipei District Prosecutors' Office discovered the embezzlement exceeding 1 billion NT dollars. Wang Guifeng and others have been charged with violating the Securities and Exchange Act. The prosecutors are seeking a 15-year prison sentence for Wang Guifeng and a 500 million NT dollar fine. In addition to criminal charges, the Financial Supervisory Commission has reduced the salary of the bank's general manager by 50% for 3 months and fined Taichung Bank 12 million NT dollars and Taichung Bank Assurance 3 million NT dollars. This case was brought to light by prosecutor Li Bingqi, who found that the bank had close financial dealings with specific clients, spending over 1 billion NT dollars on various expenses. The case also involved the questionable decisions of the bank to lease aircraft and expensive vehicles without proper justifications for their necessity or cost-effectiveness.
Source: YAHOO