Criminal sentenced to 30 years wanted after jumping NT$70 million bail

Taipei, March 17 (CNA) Police have issued an arrest warrant for a man who recently fled upon being released on NT$70 million (US$2.12 million) bail after being sentenced to 30 years and five months in prison by Taiwan's Supreme Court for manipulating securities prices.

The fugitive, identified as Chung Wen-chih (鍾文智), was found to have absconded on March 13, one day after the court's final ruling that gave Chung the heavy penalty for making over NT$400 million in illegal profits through depositary receipt manipulation.

In response, the Bureau of Consular Affairs under the Ministry of Foreign Affairs revoked his passport on Friday at the request of the Taipei District Prosecutors Office, the prosecutors office said in a statement Monday.

The prosecutor handling the case imposed a travel ban on Chung immediately after the verdict, but he failed to report as required the next day and his whereabouts are currently unknown, the office said.

Chung initially wore an electronic monitoring device from Oct. 18, 2023 to Oct. 17, 2024. However, on Oct. 16, 2024, the Taiwan High Court approved its removal on the condition that he paid an additional NT$20 million on top of the original NT$50 million bail and continued reporting to a designated police station as required.

The Taipei District Prosecutors Office said it will reassess whether existing measures are effective in preventing suspects from jumping bail and report on improvements to the Supreme Prosecutors Office.

Taipei prosecutors have formed a task force in line with a directive from the Supreme Prosecutors Office, working alongside the Investigation Bureau, Criminal Investigation Bureau, and Taipei City Police Department to pursue and apprehend Chung.

The Taipei prosecutors office has also alerted the Immigration Agency and the Coast Guard Administration and requested their assistance, the statement said.

Chung was first found guilty of manipulating depositary receipts to make illicit gains exceeding NT$441.32 million in 2020.

Chung posted NT$50 million bail in 2021.

On March 12, the Supreme Court convicted him of seven crimes, sentencing him to 30 years and five months in prison, with a maximum term capped at 30 years. The convictions include five violations of the Securities and Exchange Act, with individual sentences ranging from 39 to 118 months.

The Taiwan High Court on March 13 defended its decision made in October 2024 to remove Chung's electronic monitoring device, saying that Chung had consistently reported as required from 2023 to 2024, and it believed the additional bail would deter him from fleeing.

According to local media outlet Mirror Media, Chung is reportedly hiding in northern Taiwan while waiting for an opportunity to flee the country.