Hong Kong - Financial corruption in Hong Kong has rocketed in the first three months of 2009 as the city's economy has deteriorated, officials said Friday.

Corruption cases in the financial and insurance sectors surged 46 per cent in the first quarter, contributing to a
23-per-cent overall rise in corruption.

There were 811 cases reported to the city's Independent Commission Against Corruption between January and March, compared to 659 cases in the same period in 2008.

The commission, which investigates corruption cases independently of the police, said the sharp rise in financial and insurance corruption was a direct result of the economic slowdown.

Hong Kong, a wealthy former British colony with 7 million residents, officially went into recession at the end of 2008 after recording two consecutive quarters of economic contraction. (dpa)