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Tycoon to serve forgery sentence soon

2012/06/25 22:33:15

Taipei, June 25 (CNA) Media tycoon Gary Wang will start serving his one-year jail sentence as early as this week for forgery involving the Rebar Asia Pacific Group embezzlement scandal, prosecutors said on Monday.

Wang, who currently owns nearly half the shares of Want Want China Broadband, was given jail sentences of six months on one count and seven months on another count for forgery by the Taiwan High Court in the scandal. His family was found guilty in 2008 of siphoning more than NT$40 billion (US$1.3 billion) from Rebar subsidiaries.

The high court decided that Wang should serve 12 of the 13 months sentence and that he can deduct the period that he was previously detained from the 12 months, the Taipei District Prosecutors' Office said.

Wang said on his blog that after deducting the 346 days of detention he had already served, he will have to stay 19 days in jail.

He added that his goals in the second half of his life are to pay off debts on behalf of his father, Wang You-theng, as well as dedicating himself to charity.

Gary Wang and his six siblings were found to have collaborated with their father, Rebar group founder Wang You-theng, to loot funds from many of the group's subsidiaries, and were given jail sentences by the Taipei District Court ranging from three years and six months to 20 years along with fines.

The high court reduced Gary Wang's jail term from 18 years along with NT$700 million in fines to five years and eight months for his roles in the scandal. Other family members all had their prison terms shortened and fines reduced by the high court.

But Wang's five-year, eight-month sentence is not yet finalized. The case is under appeal.

Wang You-theng and his wife Wang King She-ying have fled to the United States since early 2007 to avoid fallout from the scandal. The couple have been put on Taiwan's most-wanted list and the listing will remain in effect through May 2031.

(By Sabrina Li and Jamie Wang)