Bible-toting Gary Wang sentenced to prison for his involvement in the EMG and Rebar Group (力霸集團) embezzlement scandals

Bible-toting Gary Wang sentenced to prison

By Ashley Yen, Special to The China Post
November 2, 2013, 12:15 am TWN

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TAIPEI, Taiwan — Former Eastern Multimedia Group (EMG, 東森集團) Chairman Gary Wang (王令麟) reported to the Taipei District Prosecutors’ Office yesterday with a Bible in his hands to begin serving his prison term. Wang was given a five-year, six-month sentence for his involvement in the EMG and Rebar Group (力霸集團) embezzlement scandals. Wang was escorted in handcuffs by his attorney and the police. He expressed his apologies to the public in front of the prosecutors’ office.It was the second time that Wang was sent to prison due to multiple civil and criminal convictions. One of which was the trade scandal between Carlyle Group (CG, 凱雷) and Asia Pacific Broadband Telecom Co., Ltd. (APBT, 亞太固網). Wang’s attorney, Hsieh Hsieh-chang (謝協昌), stated that Wang was only the mediator of the transaction and that he did not benefit.

Hsieh pointed out that Wang was not even the director of the APBT when the transaction took place. Also, both companies (CG and APBT) said Wang was innocent in previous court sessions. The trade led to massive profits for the two firms, Hsieh claimed.

Wang himself stated that his sentence was merely based on hypotheses. The so-called embezzlement as well as the NT$1.4 billion loss of APBT have nothing to do with him, he said.

Wang looked calm before being transported to prison. He quoted words out of the Bible: “Forgetting what is behind and straining toward what is ahead.” Wang said he would face the following days with a positive attitude.

Wang’s four siblings: Wang Lin-i (王令一), Wang Lin-chiao (王令僑), Wang Lin-mei (王令楣) and Wang Lin-tai (王令台), were also convicted for their involvement in the Rebar Group embezzlement scandal, and have all reported to prison, except Wang Lin-tai, whose jail term was postponed due to a pre-existing health condition, prosecutors said.

Since this will not be the first time Gary Wang has been incarcerated, his days in prison may be reduced in the future, prosecutors said.

About bambooinnovator
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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