Zhao Tengxiong, founder of Farglory, was sentenced to seven years in prison.

(file photo)

[Reporter Zhang Wenchuan/Taipei Report] The Farglory Group was involved in five major fraud cases, including the Big Dome, the land development in New Taipei, the reconstruction of military dependents’ villages, and the hollowing out of Farglory Life Insurance. Zhao Tengxiong, the founder of Farglory, was involved in bribing the Kuomintang member Zhou Shengkao, a member of the New Taipei City Council, etc. 4 officials or civil servants, and Zhao’s father and son were also involved in hollowing out Farglory Life’s assets. When the prosecutor prosecuted Zhao Tengxiong, he specifically sought 24 years in prison; the case was tried by the Taipei District Court for 5 years. Zhou Sheng was sentenced to 10 years.

Appealable.

A total of 31 people were prosecuted in the Farglory Group’s malpractice case. The case can be divided into 5 major areas: (1) the case of Zhao Tengxiong and his son hollowing out Farglory Life; (2) the former Taipei City Finance Minister Li Shude’s case involving profit-making, Forgery of documents; (3) Hong Jiahong, the former sub-director of the Urban and Rural Development Department of the Construction Department, involved in the case of extorting bribes from Farglory, Changyi, and Guande Construction; (4) Xu Mingwen, the former executive director of the Taiwan Construction Center, reviewed the water release map at the Big Dome Fire (5) Both Tucheng and Xinzhuang changed the case. The Kuomintang-member New Taipei City Councilor Zhou Shengkao took bribes from Zhao Tengxiong and bribed the New Taipei City government officials.

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The 78-year-old Zhao Tengxiong has set a record for the highest amount of insurance in the history of this case. The judge of the North Court ruled that Zhao Tengxiong should pay 550 million yuan in insurance, breaking the original 400 million yuan guarantee of He Shouchuan, the former chairman of Yongfeng Financial Holdings. For the record, Zhao Tengxiong only spent half an hour raising 17 boxes of cash bail.

The judge ordered Zhao Tengxiong to report to the police station every day. However, in July 2020, Zhao requested to reduce the number of reports on the grounds that he had to return to the hospital frequently. A guarantee of 100 million yuan was issued as a "personal insurance", and Zhun Zhao only had to report 4 times a week, 800 million yuan in cash plus 200 million in PICC, which once again pushed the insurance payment record to a new high.

When the Northern Prosecutor's Office prosecuted, it specifically sought 24 years for Zhao Tengxiong, 10 years for Li Shude, 10 years for Zhou Shengkao, and 9 years for Xu Mingwen.