[Alpha Biz= Paul Lee] SEOUL, October 28, 2025 — The Seoul Central District Prosecutors’ Office has indicted Han Sang-kwon, CEO of Seoyoung Holdings, along with three company executives, on charges of fraud, embezzlement, and violations of the Act on the Aggravated Punishment of Specific Economic Crimes, officials announced Tuesday.
Separately, Ji Joon-seop, Vice President of the National Agricultural Cooperative Federation (NACF, or NongHyup Central Association), was indicted without detention on charges of obstruction of business for allegedly intervening in personnel matters at NH NongHyup Bank to facilitate the scheme.
Illegal Loan Scheme and False Documentation
Prosecutors allege that between February and March 2023, Han and senior managers in Seoyoung Holdings’ finance and construction divisions conspired to inflate project costs and company revenues in order to obtain ₩20.8 billion (US$15 million) in credit approval from NH NongHyup Bank.
Between April 2023 and May 2024, Han’s group allegedly illegally withdrew ₩14.9 billion from the approved credit line.
The investigation also found that in March–September 2023, Seoyoung Holdings obtained ₩10 billion in loan guarantees from the Korea Credit Guarantee Fund (KODIT) through similar misrepresentation.
Authorities believe Han leveraged his position as de facto owner of the regional daily Gyeonggi Shinmun—as well as his influence across multiple affiliated construction and media companies—to obtain the loans and benefit personally.
Personnel Manipulation via NH NongHyup Vice President
In a related finding, prosecutors say Han sought to continue securing favorable treatment from NH NongHyup by pressuring its personnel decisions.
According to the indictment, in late 2023, Han allegedly requested that a NongHyup employee (“A”)—responsible for Seoyoung’s loan portfolio—be promoted to head of the Loan Screening Department.
Han conveyed this request to Ji Joon-seop, who, despite lacking direct appointment authority, allegedly used his vice-presidential influence to alter the bank’s staffing plan and have A appointed to the position.
Ji has been charged with obstruction of business for improperly intervening in the bank’s internal personnel process.
Additional Embezzlement Charges
The probe also uncovered that between April 2017 and 2025, Han embezzled ₩1.63 billion (US$1.2 million) by listing 22 fake employees—including two family members and 20 engineers—on Seoyoung Holdings’ payroll and diverting their salaries for personal use.
Prosecutors have indicted the involved company officers alongside Han, citing systematic participation in the embezzlement and loan fraud.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
