Police on Monday sought an arrest warrant for Hanjin Group Chairman and Korean Air CEO Cho Yang-ho, who stands accused of embezzling funds to renovate his private home.
Cho was questioned by police last month on accusations of using approximately 3 billion won ($2.66 million) of Hanjin funds that had been earmarked for the construction of a hotel in Incheon. The renovations to Cho’s private home in Jongno, Seoul, took place between May 2013 and January 2014.
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Hanjin Group Chairman Cho Yang-ho appears before police for questioning on Sept. 19. (Yonhap) |
His wife, Lee Myung-hee, was also questioned by police last month.
In addition to Cho, police asked to take into custody a top Hanjin executive also surnamed Cho and believed to be involved in the embezzlement.
Police asked to take the two officials into custody on concerns they may destroy evidence, according to reports.
“We are surprised at the recent developments and hope that prosecutors will make the right decision,” Hanjin Group said in an official statement.
By Won Ho-jung (
hjwon@heraldcorp.com)
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