Reported 11 months ago
Former Chairman of Taichung Commercial Bank, Wang Gui-feng, is accused of embezzling over 1.1 billion NT by treating the bank as his personal treasury, renting luxury private jets, top-notch cars, and mansions. He entertained political and business elites such as blue camp legislator Li Te-wei with free private plane rides abroad. Surprisingly, personnel from the Financial Supervisory Commission leaked audit reports to Taichung Commercial Bank and were charged with dereliction of duty. Wang was released on a 150 million NT bail and ordered to surrender his Taiwanese and Canadian passports after being arrested. Investigations revealed a connection between the leak and Wang's secretary, leading to further charges. Wang was accused of misusing funds to rent luxury cars, private jets, mansions, and violating conventional advertising sponsorship, causing significant financial losses to the bank and an insurance brokerage company. He used the bank's expenses to lease extravagant cars for personal use, resulting in over 200 million NT in losses. Wang also rented luxury mansions for entertainment purposes, hosting various activities, including gambling. The scandal involved high-profile individuals and even implicated a supervisory official for leaking confidential information.
Source: YAHOO