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Lee Ho-jin, former chairman of Taekwang Group. (Photo=Yonhap News) |
[Alpha Biz= Reporter Kim Jisun] Lee Ho-jin, the former chairman of Taekwang Group, has been handed over to prosecutors on charges of creating slush funds amounting to tens of billions of won.
The Anti-Corruption Investigation Unit of the Seoul Metropolitan Police Agency announced on the 30th that Lee was forwarded without detention on charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. Lee is accused of using group affiliates to divert funds by falsely paying salaries through employee accounts, accumulating tens of billions of won in slush funds. He is also suspected of forcing Taekwang Country Club to cover KRW 860 million in golf range construction costs and misusing corporate credit cards for personal expenses totaling KRW 80 million.
Previously, in May, the police applied for an arrest warrant for Lee, but the court dismissed it, citing a lack of necessity for detention. Lee was previously convicted in 2011 for embezzling KRW 42.1 billion and evading KRW 930 million in corporate taxes. He was sentenced to three years in prison, served his sentence, and was released in October 2021.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
