The police are currently investigating allegations that Yoo Seungmin, President of the Korean Sport & Olympic Committee, received sponsorship incentives under a borrowed name.
The Financial Crime Investigation Division of the Seoul Metropolitan Police Agency announced on October 29 that President Yoo has been booked on charges of breach of trust in the course of his work.
Previously, civic groups such as the Citizens’ Solidarity for Sports and the Cultural Solidarity filed a complaint with the police in July, raising suspicions of illegal rebate payments related to sponsorships during Yoo's tenure as President of the Korea Table Tennis Association. The Korea Table Tennis Association introduced a sponsorship incentive system in 2021, during Yoo's presidency, which paid 10 percent of the sponsorship amount to individuals who secured sponsorships from companies and other organizations.
It has been reported that the brother of the CEO of Yoo's affiliated agency also received incentives totaling over 200 million won at the time. The police are investigating whether Yoo personally benefited from these incentives under a borrowed name.
The police plan to summon President Yoo for questioning once the related investigation is complete.
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