TAIPEI (Taiwan News) — A business person wanted in a NT$20 billion (US$645 million) fraud case returned to Taiwan under police escort on Wednesday (June 21) after Thailand agreed to his extradition, per CNA.
Tony Huang (黃文烈), the former chair of Pharmally International Holding Co., Ltd., was wanted in connection with a case involving falsifying documents, stock manipulation, and financial malpractice. He was arrested in May after entering the country in February.
Thai authorities confirmed Huang’s identity and that he had no legal cases pending inside Thailand. Therefore, it agreed to extradite Huang to Taiwan, putting him on a flight with agents from the Criminal Investigation Bureau (CIB), the Ministry of Justice Investigation Bureau (MJIB), and the National Immigration Agency (NIA) on Wednesday.
Huang reportedly held a passport from Taiwan’s ally Tuvalu, as well as a Thai Elite Card, which allowed him to spend a long time in Thailand without having to worry about handling residence formalities.
The business manager was only one of 29 suspects allegedly involved in the financial fraud surrounding the biotechnology firm. The case originated with financial problems hitting a pharmaceutical company Huang managed in Xiamen, China with an Indonesian-Chinese business person, the Liberty Times reported.
In order to profit from Huang’s Taiwan citizenship, the two packaged the company as a Taiwanese enterprise and obtained illegal loans from Taiwanese banks as well as funds from investors unaware of their ploy. Stocks in Pharmally crashed, investors lost their money, and prosecutors launched an investigation into Huang’s business practices as he fled overseas.
