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Insider trading suspect banned from leaving Taiwan

Prosecutor General Wu Ying-chao (吳英昭) said yesterday that Financial Supervisory Commission (FSC) counselor Lee Chin-cheng (李進誠), who has been under investigation for alleged involvement in an insider-trading scandal, has been banned from leaving the country before the case is closed.

Wu made the remarks following media reports that the former director of the FSC's Examination Bureau has been issued an immigration visa by the American Institute in Taiwan (AIT). Lee was transferred to serve as an FSC counselor after the alleged insider-trading scandal surfaced in July.

In reply to independent Legislator Chiu Yi's (邱毅) question during a Legislative Yuan Judicial Affairs Committee meeting, Wu said that Lee's case is being probed by the Anti-Corruption Center of the Taiwan High Prosecutor's Office and that Lee has since July been banned from leaving the country.

Minister of Justice Morely Shih (施茂林) said the prosecutors will make their best judgment on the case, adding that his ministry should refrain from making any comment.

FSC Chairman Kong Jaw-sheng (龔照勝), who received a phone call from Lee yesterday morning, told another committee meeting at the legislature that Lee was applying for a US visa because he needs to take care of his two daughters who are studying there.

Kong said that Lee did not tell him that he plans to move to the US for good.

"As far as I understand, Lee has been banned from leaving Taiwan," he added.

Lee was allegedly involved in an insider stock trading case known as the "Vultures" scandal.

Taiwan High Court prosecutors in July offended Kong by questioning Lee on suspicion that he had tipped off a group that made large profits from insider trading.

Premier Frank Hsieh (謝長廷) later had to come forward to quell a war of words between the prosecutors and the FSC.
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