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June 23, 2017

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Tycoon Wang to soon serve forgery sentence

TAIPEI -- 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.

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