Wanted tycoon’s children to serve prison sentences


CNA

TAIPEI, — Taiwan’s Supreme Court yesterday upheld a lower court’s verdicts against wanted tycoon Wang You-theng’s (王又曾) five children, who had been sentenced to between 5.5 and 30 years in prison.

The Supreme Court ruled that Gary Wang (王令麟), Wang Lin I (王令一), Wang Lin-tai (王令台), Wang Lin-mei (王令楣) and Wang Lin-chiao (王令僑) had violated the Securities and Exchange Act and were guilty of other charges related to the China Rebar Group case.

The tycoon’s five children will have to serve their prison sentences as the verdict is final and cannot be appealed.

Their father, now 86, fled Taiwan in late 2006 amid allegations of embezzlement and fraud and is believed to be hiding in the United States. He is listed as one of Taiwan’s 10 most wanted economic criminals.

The Supreme Court reached the verdict based on the findings that the Wang family members, who were appointed to senior positions in various companies in the group, defrauded investors and banks of billions of dollars by means of false accounting and other fraudulent actions over a long period of time.