Reported over 1 year ago
Taipei Commercial Bank Chairman Wang Gui-feng is accused of embezzling 1 billion in company funds to rent private jets, luxury cars like Rolls-Royces and Benzes, and lavish items for personal use during his tenure. The New Taipei District Prosecutors' Office has indicted Wang on charges of embezzlement and is seeking a 15-year prison sentence and a 500 million fine, along with a 500 million fine for Taichung Commercial Bank. Investigations reveal Wang raised the decision-making power to 100 million during his tenure as head of the insurance brokerage firm, resulting in significant losses for the company with unauthorized extravagances. Arrests were made and assets seized, including luxury cars, watches, jewelry, and more. Wang, along with others, faces serious charges and is under restrictive measures pending trial.
Source: YAHOO