Prosecutors have secured enough evidence backing up suspicions that SK Group owners embezzled nearly 100 billion won (US$89.5 million) in company funds for personal stock market investments, investigation sources said Wednesday. The Seoul Central District Prosecutors' Office is investigating allegations that SK Group Chairman Chey Tae-won and his younger brother Vice Chairman Jae-won embezzled 99.2 billion won from subsidiaries. Eighteen affiliates of SK Group, whose key business interests range from telecommunications to oil refinery, made a joint investment worth 280 billion won in venture capital company Benex Investment headed by former SK Group executive Kim Jun-hong. Of the total, about 99.2 billion won had reportedly been diverted back to former employee Kim Won-hong, now hiding in China, who manages a market investment fund for the two owners. Prosecutors searched the headquarters of SK affiliates in central Seoul on Tuesday as part of their investigation into the embezzlement allegations. In the search, prosecutors are believed to have seized evidence backing the accusations, the sources said. The money sent back to the brothers has reportedly been used to make bets in stock futures, which purportedly led in part to the chairman's investment loss of 100 billion won.
GMT 13:21 2018 Thursday ,06 December
China demands Canada release Huawei's chief financial officerGMT 16:21 2018 Monday ,12 November
EU-Egypt partnership agreement to be fully applied in 2019GMT 18:24 2018 Tuesday ,23 January
French court throws out tax fraud case against JP MorganGMT 16:09 2018 Tuesday ,16 January
Strikes as Greece adopts industrial action revampGMT 14:08 2018 Friday ,12 January
Time over money? German union champions 28-hour work weekGMT 13:27 2018 Tuesday ,09 January
German metalworkers start strikes for 28-hour weekGMT 14:49 2018 Friday ,05 January
Lithuanian doctors rally for pay rise to halt exodusGMT 09:03 2017 Friday ,29 December
Watchdog slams Lufthansa over 'algorithm' price hikesMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor