Latest News:  

English>>World

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

(Xinhua)

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.

We Recommend:

U.S. presidents and their pets

Highlights of 50th Int'l Paris Air Show

Best photos of week (June 17 - June 23)

Venezuelan Army School boat visits Cuba

Afghan refugees at UNHCR registration center

Beauty contest held in Budapest, Hungary

Angelina Jolie visits refugee camp

'Super moon' hangs in the sky over Rotterdam

LA' Chinatown sets up statue of Bruce Lee

Email|Print|Comments(Editor:YanMeng、Wang Jinxue)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Special forces in joint training


  2. J-15 fighter fastened on aircraft carrier

  3. Best photos of week (June 17 - June 23)

  4. Terraced fields in SW China

  5. China's weekly story (2013 6.15-6.21)

  6. Photos: Hazy life in Beijing

  7. Camacho's embarrassing records

  8. Cos girls shining at Kafu Comic-Con

  9. Chinese shares extend losses

  10. Highlights of luxury China 2013

Most Popular

Opinions

  1. Money not the answer to all problems
  2. Syria conference unlikely to be in July
  3. Snowden not on board flight to Cuba
  4. Cause of human rights should ground in reality
  5. Snowden case should not affect Sino-U.S. ties
  6. Chinese consumer spending weakens
  7. Think tank has huge potential for development
  8. Why top scorers in Gaokao choose to go abroad
  9. Mobile Web alters Internet industry
  10. Stocks plunge, analysts eye liquidity

What’s happening in China

Wait and See!
I can catch you, rats

  1. Pets banned from public transportation
  2. 5 dead, 23 injured in NW China road accident
  3. Rehab centers face obstacles in China
  4. Sniffer dogs get new life with families
  5. Chemical plant blaze blamed on illegal work