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Lotte Group Chairman Avoids Arrest over Corruption Allegations

Lotte Group Chairman Avoids Arrest over Corruption Allegations

SEOUL, Sept. 29 (Korea Bizwire) – The chief of the embattled South Korean retail giant Lotte avoided arrest Thursday as a Seoul court rejected a prosecutors’ request for a warrant to formally arrest him over embezzlement and breach of trust charges.  The Seoul Central District Court turned down the request, saying it’s difficult to recognize [...]

Prosecutors Seek Warrant to Arrest Lotte Group Chairman over Corruption

Prosecutors Seek Warrant to Arrest Lotte Group Chairman over Corruption

SEOUL, Sept. 26 (Korea Bizwire) – A warrant is being sought to formally arrest the chief of the embattled South Korean retail giant Lotte, prosecutors said Monday, as the high-profile corruption probe into the country’s fifth-largest conglomerate nears its conclusion.  The Seoul Central District Prosecutors’ Office submitted the request to a local court to detain [...]

Lotte Group Chairman Summoned over Corruption Allegations

Lotte Group Chairman Summoned over Corruption Allegations

SEOUL, Sept. 20 (Korea Bizwire) – Shin Dong-bin, the chief of the embattled South Korean retail giant Lotte, was summoned by state prosecutors Tuesday as the high-profile corruption probe into the country’s fifth-largest conglomerate neared its conclusion.  The 61-year-old business tycoon appeared before the Seoul Central District Prosecutors’ Office as a suspect on a string [...]

POSCO E&C Suspected of Embezzling Slush Fund in Vietnam

POSCO E&C Suspected of Embezzling Slush Fund in Vietnam

SEOUL, March 20 (Korea Bizwire) – POSCO Engineering & Construction Co. (POSCO E&C) appears to have embezzled part of the slush fund it created in the overseas branch in Vietnam, prosecutors said Friday. An internal audit within the company had found that several POSCO E&C officials, including some executives, operated a slush fund worth about 10 [...]