A FORMER Warwick Shire Council director of finance has been charged with corruption.

Jim Lindsay, who worked at WSC from April 1995 to December 2003, is also a director of the Warwick Credit Union.

On Thursday afternoon, the Crime and Corruption Commission arrested Mr Lindsay, now the Ipswich City Council chief executive officer, at his council office.

The 53-year-old was taken to the Ipswich watchhouse where he was charged with one count of official corruption contrary to section 87 of the Queensland Criminal Code, and one count of Disobedience to Statute Law contrary to section 204.

Mr Lindsay has been a director and audit committee chairman for the Warwick Credit Union since December 2006, after serving as assistant general manager from June 2003 until December 2006.

He worked previously as finance and corporate services director for the Warwick Shire Council.

WCU CEO Lewis von Stieglitz could not confirm whether Mr Lindsay's arrest would affect his position on the board. .

"The credit union is aware of the CCC activity reported in the media,” Mr von Stieglitz said. "There is no suggestion that the matter relates to the credit union.

"It is still very early in the process. Mr Lindsay is entitled to presumption of innocence and fair process of the courts.

"He is a very dedicated director, as one of seven directors who meet monthly to provide oversight to the credit union. Directors have no involvement in the business itself.”

Mr Lindsay joined Ipswich City Council in 2006 as chief financial officer until May 2014, when he became CEO.

During that time he also served as director of council- owned companies Ipswich City Enterprises since January 2006, Ipswich City Properties since April 2009 and Ipswich City Developments since 2009.

New Ipswich Mayor Andrew Antoniolli said he would close the enterprise and development company, along with Ipswich Motorsport Park, following an independent forensic audit.

Cr Antoniolli said Mr Lindsay was on immediate leave.

"This comes as a shock, however we must remain resilient through a period of turmoil,” he said.

"Council will be seeking to appoint an external acting CEO in the near future. Until such time, city council solicitor Daniel Best will act in the CEO role.”

Mr Lindsay is due to appear in the Brisbane Magistrates Court on October 11.

As the matter is now before the courts, the CCC is unable to comment further.