Wanted Taiwanese fugitive dies in car accident in California | Inquirer News
Close  

Wanted Taiwanese fugitive dies in car accident in California

/ 04:31 PM May 31, 2016
FILE - In this file photo from Jan. 16, 2007, motorcyclists pass by a branch of The Chinese Bank, a subsidiary of the financially troubled Rebar Asia Pacific Group in Taipei, Taiwan. Taiwan's foreign ministry has confirmed a report that a former tycoon a founder of the Rebar Asia Pacific Group Wang You-theng wanted on allegations of embezzlement and fraud was killed in a car accident in California. He had been hiding for years in the United States. (AP Photo/Wally Santana, FIle )

In this photo from Jan. 16, 2007, motorcyclists pass by a branch of The Chinese Bank, a subsidiary of the financially troubled Rebar Asia Pacific Group in Taipei, Taiwan. AP

BEIJING—A former tycoon wanted on allegations of embezzlement and fraud in Taiwan has died in a car accident in California, the island’s foreign ministry confirmed on Tuesday. He had been hiding for years in the United States.

The official Central News Agency said Wang You-theng, former chair of the China Rebar Group, was killed in a Friday morning crash on a highway in West Covina, California. His wife was injured but was in a stable condition, the report said.

ADVERTISEMENT

Foreign ministry spokesperson Eleanor Wang confirmed the report when reached by telephone, but did not provide further details.

Wang founded Rebar in 1959 to build steel beams and made a fortune from the business, but when Rebar sank into financial difficulties in 2006, Wang fled Taiwan and eventually arrived in the United States, where he had lived as one of the most wanted fugitives by Taiwanese authorities.

FEATURED STORIES

Wang had been indicted on a long list of charges, including fraud, money laundering and insider trading, the news agency said. Wang and his family were accused of siphoning off more than $9 billion in Rebar assets.

Subscribe to our daily newsletter


Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: California, Fugitive, Taiwan, Tycoon, Wang You-theng
For feedback, complaints, or inquiries, contact us.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.