TransAsia halts flights for day without reason as trading probed

TransAsia Airways, the Taiwanese airline that suffered two fatal crashes in the last two years, halted flights for one day Tuesday without giving a reason. The Taipei-based airline said its board would meet in the morning and give an explanation at a press conference in the city at 2 p.m. local time, the company’s public relations said Monday. Trading in its shares were suspended from Tuesday, according to a Taiwan stock exchange statement from the company. The island’s Civil Aeronautics Administration said the airline should have gotten regulatory approval for the suspensions, which will affect 84 flights and about 5,000 customers. Taiwan’s cabinet has directed affected customers to seek assistance from its Consumer Protection Committee. Late Monday, the Financial Supervisory Commission and the Ministry of Justice said that it had initiated a probe into insider trading of the company’s shares prior to news reports of the flight suspensions. Separately, the Taiwan stock exchange said earlier Monday it would fine the company NT$1.5m ($47,000) for breaching corporate disclosure rules.<br/>