Rebar (Taiwan)
Encyclopedia
The Rebar Group of Taiwan
is a large corporation involved in domestic textiles, construction, hotel/real estate, retail services, vehicle/building insurance, banking, and media.
The company started out in the 1960s as a reinforcement bar manufacturer, hence its name.
The corporation recently gained large shares of the Taiwanese cable media as OmniMedia (東森) TV Corp and also mobile telephone business as Asia Pacific Telecom Group (亞太) in the late 1990s.
Towards the end of 2006 Rebar was encountering serious difficulties following years of allegedly hiding financial problems with bad loans from The Chinese Bank. The CEO and founder, Wang You-theng
(王又曾) were alleged to have engaged in insider trading
and embezzlement in connection to this, and fled Taiwan on 30 December 2006, days before prosecutors began their investigation. You-theng is detained in the US, and is wanted by Taiwanese prosecutors for allegedly embezzling NT$60 billion (US$1.8 billion) in corporate fundshttp://www.taipeitimes.com/News/taiwan/archives/2007/09/02/2003376871.
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
is a large corporation involved in domestic textiles, construction, hotel/real estate, retail services, vehicle/building insurance, banking, and media.
The company started out in the 1960s as a reinforcement bar manufacturer, hence its name.
The corporation recently gained large shares of the Taiwanese cable media as OmniMedia (東森) TV Corp and also mobile telephone business as Asia Pacific Telecom Group (亞太) in the late 1990s.
Towards the end of 2006 Rebar was encountering serious difficulties following years of allegedly hiding financial problems with bad loans from The Chinese Bank. The CEO and founder, Wang You-theng
Wang You-theng
Wang You-theng is a Taiwanese entrepreneur who founded the China Rebar Group and served as its chairman until fleeing Taiwan in late 2006 amid allegations of embezzlement and fraud.- Business career :...
(王又曾) were alleged to have engaged in insider trading
Insider trading
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...
and embezzlement in connection to this, and fled Taiwan on 30 December 2006, days before prosecutors began their investigation. You-theng is detained in the US, and is wanted by Taiwanese prosecutors for allegedly embezzling NT$60 billion (US$1.8 billion) in corporate fundshttp://www.taipeitimes.com/News/taiwan/archives/2007/09/02/2003376871.
Branches
Branches include:- TV: OmniMedia (東森)
- Finance: Chinese Bank, Union Insurance
- Service: Rebar Realstate, Rebar Retail Chain, Rebar Hotel, Taipei Aquarium
- Manufacturing: Rebar Construction, Rebar Foods (esp. cooking oil)
- Telecommunications: Asia Pacific Telecom (亞太)
External links
- Rebar Corporate Website
- PRChinese-Taiwan.org's take on the Wang family (Simplified Chinese)