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March 29, 2024

Prosecutors to question Hyosung chief over slush fund suspicions

PUBLISHED : January 15, 2018 - 14:24

UPDATED : January 15, 2018 - 14:24

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[THE INVESTOR] Prosecutors will call in Hyosung Group Chairman Cho Hyun-joon for questioning later this week over suspicions that he created a slush fund and engaged in other financial irregularities, officials said on Jan. 15.

Seoul Central District Prosecutors’ Office said it has notified Cho that he is to appear for questioning on Jan. 17 morning over breach of trust and other suspicions.

Cho is accused of creating a slush fund worth about 10 billion won (US$9.42 million) from 2010-2015 by having Hyosung purchase construction materials through a paper company established by one of his close aides.

Investigators are also looking into suspicions that he had the conglomerate provide tens of billions of won to an ailing affiliate in which he has a stake, and put four women, including a beauty pageant winner-turned-actress, on company payroll even though they didn’t work for the company.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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