Taiwan President's Son-in-law Freed On Bail
07/10/2006
Dow Jones News Services
(Copyright © 2006 Dow Jones & Company, Inc.)
TAIPEI (AP)--The son-in-law of Taiwanese President Chen Sui-bian has been released on NT$10 million ($312,000) bail after being indicted Monday on insider trading charges.
Chao Chien-min was also barred from leaving Taiwan.
Taiwanese prosecutors on Monday indicted Chao, who they allege was the centerpiece in an elaborate insider trading scheme involving a Taipei property company. They say they will demand an eight-year jail sentence.
The case against Chao is among a series of high-profile corruption charges involving Chen's family and inner circle. Chen himself has not been implicated, but Taiwan's opposition has demanded that he step down, saying that the corruption allegations have tarnished his credibility.
Chao, a 34-year-old physician married to Chen's daughter, was arrested in May on suspicion he used insider information to profit on the purchases of shares in partly state-owned property company Taiwan Development Corp.
Chief Taipei prosecutor Lin Bang-liang told reporters Chao is suspected of making NT$29.5 million in the insider trading scheme.
He added that Chao has maintained his innocence.
(END) Dow Jones Newswires
07-10-06 2006ET
Copyright (c) 2006 Dow Jones & Company, Inc.
