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S.Korea's food mogul under arrest warrant for slush funds


19:46, June 26, 2013

SEOUL, June 26 (Xinhua) -- Prosecutors in South Korea said Wednesday that it requested arrest warrant for the country's food and entertainment mogul on charges of creating slush funds and dodging taxes.

Preliminary arrest warrant was sought for Lee Jae-hyun, chairman of the South Korean food and entertainment conglomerate CJ Group, on suspicion that Lee misappropriated company funds to stash secret funds and evaded taxes through transactions of stocks and art pieces under borrowed-name bank accounts, according to the Seoul Central District Prosecutors' Office.

The 53-year-old is the eldest son of Lee Maeng-hee, who is the elder brother of Samsung Electronics Chairman Lee Kun-hee. Whether to arrest the country's 10th richest man would be determined on July 1.

The prosecutors' office had been probing into various suspicions of Lee, including tax evasion of 51 billion won (44 million U.S. dollars) through creating slush funds, embezzlement of company funds worth 60 billion won and breach of duty while purchasing two buildings valued at 35 billion won in Tokyo.

Lee was reported to concede most of suspicions during the prosecution questioning overnight, but he denied intentionality in his wrongdoings. Lee insisted that the slush funds were not for personal use.

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