 As a tycoon, Wang maintained a close business relationship with government authorities over several administrations, serving as a member of the Central Standing Committee of the Kuomintang for 15 years and being appointed as a National Policy Advisor to President Chen Shui-bian in 2000 when the Democratic Progressive Party won the ROC Presidential election that year.By 2006, Rebar was encountering serious difficulties following years of allegedly hiding financial problems with bad loans from The Chinese Bank (a subsidiary) and falsified accounting records.On 29 December 2006, Rebar Asia-Pacific Group, along with three subsidiaries filed for bankruptcy protection, but did not notify the Taiwan Stock Exchange of their insolvency claims as required by regulations until 4 January 2007.