Senior Taiwanese financial regulator detained on corruption charges

A Taiwanese court on Wednesday ordered the detention of senior financial regulator Lin Chung-cheng while an investigation into alleged corruption is carried out.

The Taipei District Court ruled that Lin Chung-cheng, a commissioner of Taiwan's Financial Supervisory Commission (FSC), and two of his assistants should be held incommunicado during a probe into charges of bribery, according to local media.

Lin, a former lawmaker with Chen Shui-bian's Democratic Progressive Party, is one of six members of the Financial Supervisory Commission. He was arrested on Tuesday.

Taiwan media reported that an FSC investigation turned towards Lin as part of a wider inquiry begun in July into accusations of insider trading among listed companies.

Prosecutors allege Lin was closely related to the companies involved in the inquiry. Lin was accused of accepting bribes in return for favorable treatment of certain companies.

The FSC has been plagued by corruption allegations since it was established in July 2004.

Source: Xinhua