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Wanted Taiwanese Fugitive Dies in Car Accident in California

Image: Wanted Taiwanese Fugitive Dies in Car Accident in California
Two women chant during a demonstration in 2007 to push for an amendment of the existing banking law following the Rebar crisis. Wang You-theng, its founder, died in a car accident in California. (Photo by Patrick Lin/AFP/Getty Images)

Tuesday, 31 May 2016 06:25 AM

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 chairman of the China Rebar Group, was killed in a Friday morning crash on a highway in West Covina, Calif. His wife was injured but was in stable condition, the report said.

Foreign ministry spokeswoman 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.

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.

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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.
taiwan, rebar, fugitive, car crash, dies
182
2016-25-31
Tuesday, 31 May 2016 06:25 AM
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