Reported 8 months ago
Former TaiChung Commercial Bank Chairman Wang Guifeng, TaiChung Bank Insurance Broker Chairman Lai Lizu, and Extreme Leasing Manager Zhou Zhenan are being investigated for using company assets as personal treasury to rent luxury cars, private jets, and extravagant living, causing over 1.1 billion losses for TaiChung Bank and TaiChung Bank Insurance. The New Taipei District Prosecutors' Office has indicted Wang Guifeng and 6 others under the Banking Act with demands for a 15-year prison sentence and a 500 million fine for Wang Guifeng, along with a 500 million fine for TaiChung Bank. Investigations revealed Wang Guifeng misused company funds for luxury lifestyle activities including renting luxury cars, private jets, and establishing an extravagant guesthouse, resulting in significant financial losses for the two companies.
Source: YAHOO