Far Eastern Air boss charged with US$120m embezzlement

The Standard
Date: 30 Jul 2020

Far Eastern Air Transport Corp chairman Chang Kang-wei

Taipei prosecutors on Thursday indicted Far Eastern Air Transport Corp chairman Chang Kang-wei on a number of charges, including embezzling NT$3.5 billion (US$120 million) from his debt-ridden carrier, CNA reports

According to the Taipei District Prosecutors Office indictment, Chang took over the management of FAT in 2009 after the carrier announced bankruptcy a year earlier, by producing falsified financial statements of his own Huafu Group.

After taking control of the airline, between 2015 and 2016, Chang channeled NT$1.36 billion of FAT revenue to Huafu, which was short of funds, according to the indictment.

In addition, Chang was also found to have transferred NT$2 billion worth of debt owed by Huafu to the airline.    [FULL  STORY]

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