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Chair of financial watchdog freed on NT$500,000 bail

Kong Jaw-sheng (龔照勝), chairman of the Financial Supervisory Commission, was summoned as a defendant and released on bail of NT$500,000 (US$15,893) by the Taipei District Prosecutor's Office last night after a more than 10-hour marathon interrogation over alleged corruption offenses.

"Kong was summoned in the capacity of defendant... and we suspect him of corruption," Taipei District Prosecutor's Office spokesman Lin Pang-liang (林邦樑) told the Taipei Times in a phone interview late last night.

Kong is accused of involvement in three corruption cases while chairman of state-run Taiwan Sugar Corp (Taisugar, 台糖) between December 2003 and June 2004.

His alleged irregularities include giving a certain firm the exclusive distribution rights to upscale collagen cosmetics products without going through the proper procurement process.
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