Former Taekwang Group Chairman Lee Hojin, accused of embezzling large sums of slush funds by mobilizing affiliates, has been handed over to the prosecution.
The Anti-Corruption Investigation Unit of the Seoul Metropolitan Police Agency sent Lee to the prosecution without detention on the charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes on the 30th.
Lee is suspected of creating tens of billions of won in slush funds by mobilizing group affiliates to falsely pay salaries into employees' accounts and then embezzling the money.
He is also accused of having Taekwang CC pay 860 million won in construction costs for a golf practice range and of using about 80 million won from affiliate corporate credit cards for personal purposes.
The police applied for an arrest warrant for Lee in May, but the court dismissed it, stating that it was difficult to recognize the grounds and necessity for detention.
Previously, Lee was arrested and indicted in 2011 on charges including embezzlement of 42.1 billion won and evasion of corporate tax amounting to about 930 million won. He was sentenced to three years in prison in June 2019, served his term, and was released in October 2021.
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