Level of economic crime ‘a catastrophe’: expert

Speaking at a seminar on the issue, Soochow University Professor Hsieh Yi-hung said that this wave of economic crime has been tantamount to “a catastrophe.” He noted that over the past eight years, 92 corporations and 367 individuals have been involved in embezzlement scandals.

Although the Ministry of Justice has mapped out standard procedures for preventing major economic criminals from fleeing to other countries, Hsieh lamented that several notorious tycoons remain at large, namely Rebar Pacific Group Chairman Wang You-tseng, who allegedly embezzled NT$70 billion from various listed companies under his group, Chen Yu-hao of Tuntex Group, who is accused of embezzling NT$60 billion, and Wang Yu-yun of Chung Hsing Bank, who is believed to have embezzled NT$30 billion from the company.

What is worse, Hsieh said, is that these fugitive tycoons have continued living lavish lifestyles and even started new businesses overseas.

Hsieh attributed the rampant corporate crime in recent years to the fact that the line between government and business has become blurred to such an extent that it has undermined the government’s supervisory role.

The best way to restore public confidence in the government is to have those indicted for economic crimes repatriated back to Taiwan and to retrieve the embezzled money, he said.

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