The fraudulent actions of Taiwanese family business Rebar Group has landed five next-gens with prison sentences, while their father remains on the run

REBAR GROUP NEXT-GENS SENTENCED TO PRISON

ARTICLE | 15 AUGUST, 2013 11:20 AM | BY JESSICA TASMAN-JONES

The fraudulent actions of Taiwanese family business Rebar Group has landed five next-gens with prison sentences, while their father remains on the run. On Wednesday, Taiwan’s Supreme Court upheld the verdicts of a lower court, which handed out sentences between five and a half and 30 years to the children of Wang You-theng for violations of the Securities and Exchange Act. According to court findings, the Wang family members, who had held senior positions in various companies controlled by Rebar Group, defrauded investors and banks of billions of dollars by means of false accounting and other fraudulent actions over a number of years. The children include Gary Wang, Wang Lin I, Wang Lin-tai, Wang Lin-mei and Wang Lin-chiao. Wang You-theng, 86, who founded Rebar Group in 1959, fled Taiwan in late 2006, days before prosecutors began their investigation into the group. He is listed as one of Taiwan’s 10 most wanted economic criminals. Rebar Group began in the steel industry, but later expanded into textiles, hotels, real estate, insurance, banking and telecommunications.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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