KT CEO Hwang grilled in illegal political fund probe
[THE INVESTOR] Hwang Chang-gyu, chief of mobile carrier KT Corp., appeared for police questioning on April 17 over his suspected involvement in illegal donations to lawmakers.
Police have been investigating allegations that former and incumbent KT executives paid some 90 legislators a combined 430 million won (US$402,000) in illegal donations with company funds between 2014 and 2017.
Police suspect that Hwang either instructed them to do so or was briefed about it.
The political fund law bans listed firms from giving political donations. Any contributions made with company money is also forbidden.
Police believe that the donations were given to lawmakers who belonged to the parliamentary committee in charge of telecommunications in return for legislation and policies favorable to internet-only banking services, KT’s latest business.
Hwang took helm of the mobile carrier in 2014 and renewed his term for another three years last year.
The former Samsung Electronics executive is best known for his pioneering work in the development of memory chips.
By Kim Young-won and newswires (firstname.lastname@example.org)