Taiwan prosecutors search home of former Mega Financial chief

[TAIPEI] Prosecutors in Taiwan said on Saturday they had searched the residence of the former chairman of state-run Mega Financial Holding, in the latest government probe after its New York banking branch was fined by US authorities.

The government has said it has questioned more than 20 people, including ex-chairman Mckinney Tsai, whose home was searched. The banking branch was fined US$180 million for violations that included lax attention to risk exposure in Panama.

Prosecutors have named Mr Tsai as a defendant in the case and prohibited him from travelling outside Taiwan last month.

"Tsai is under great suspicion," said deputy chief prosecutor Chang Chieh-chin of the Taipei District Prosecutors Office, declining to elaborate further.

"We'll review the evidence we've found," said Mr Chang, adding that Mr Tsai had been released on bail of NT$3 million (S$129,000).

REUTERS