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Court detains Fubon executive

Court detains Fubon executive

Fubon Financial Holding Co. Chief Investment Officer Daniel Chiang was detained again after being quizzed by Taiwan prosecutors as part of a probe into alleged insider trading, a court spokesman said.
The Taiwan High Court rejected a district court ruling to release Chiang on bail and the Taipei District Court made a new decision to detain Chiang again late on August 3, district court spokesman Liu Shou-sung said in a phone interview in Taipei yesterday.
Fubon President Victor Kung was in a meeting and didn't immediately return a call seeking comment.
Chiang had been summoned for questioning by prosecutors on July 26 and was released on NT$5 million (US$152,000) bail the following day, prosecutor Lin Chin-chun had said. Chiang was questioned on alleged insider trading of Hsinchu International Bank shares last year, Lin said. Prosecutors on July 26 also searched the Taipei offices of Fubon Financial, he said.
Fubon Financial, Taiwan's third-largest financial services company by market value, in a July 26 statement said it's cooperating with the investigation, and that neither the company nor its subsidiaries are targets. The company and its units aren't involved in the case, Fubon Financial had said.
Taipei prosecutors on July 11 questioned five people, including a former board member of Hsinchu Bank, as part of the same investigation.


Updated : 2021-10-26 13:56 GMT+08:00