Kim Ki-yu, former chairman of the Taekwang Group Management Council, who is accused of ordering improper loans worth around 15 billion won to affiliated companies' executives, has been indicted without detention.
On the 11th, the Criminal Division 4 of the Seoul Western District Prosecutors' Office (Chief Prosecutor Yeo Kyung-jin) announced that former Chairman Kim was indicted without detention on charges including breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.
Former Chairman Kim is accused of ordering improper loans worth around 15 billion won to Taekwang Group affiliates, Koryo and Yegaram Savings Banks, at the request of Lee (65), the CEO of a real estate development company he had known for some time.
Koryo and Yegaram Savings Banks twice refused the loan due to the real estate company being in a state of capital erosion, but former Chairman Kim ordered the loan within five business days without sufficient review.
Previously, the prosecution requested arrest warrants for former Chairman Kim in September and November, but the court dismissed them, stating there was no concern of evidence destruction or flight risk.
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