SK’s Chey quizzed over embezzlement

The Korea Times

The Korea Times

National

Sat, December 9, 2023 | 18:11

SK’s Chey quizzed over embezzlement

Posted : 2011-12-01 18:38

Updated : 2011-12-01 18:38

SK Group's Vice Chairman Chey Jae-won, 48, turned himself in to the prosecution Thursday to be questioned over allegations that he embezzled nearly 100 billion won ($89 million).

Chey Jae-won

SK Group's Vice Chairman Chey Jae-won, 48, turned himself in to the prosecution Thursday to be questioned over allegations that he embezzled nearly 100 billion won ($89 million).

Chey is suspected of having colluded with his elder brother Chey Tae-won, chairman of the nation’s third largest family-controlled chaebol, for the alleged crime.

Chey appeared at the prosecution’s office in southern Seoul in the morning. Asked whether he embezzled corporate funds by reporters before entering the prosecution office, Chey said would only say, “I will respond sincerely to the investigation.” He refused to make any further comments.

Chey, the second son of SK Group's founder Chey Jong-hyon, reportedly misappropriated 99 billion won from SK affiliates to make up for losses resulting from his investment in futures. He is suspected of having led the scheme and orchestrated money laundering.

Chey and his elder brother allegedly diverted the funds from 280 billion won pooled by the group's 18 affiliates for investment purposes.

The group’s chairman is also expected to be subpoenaed soon.

chojh@koreatimes.co.kr

Top 10 Stories

1	Korea to expand visa benefits to accelerate inbound tourism

2	Seoul awards honorary citizenship to outstanding foreign residents

3	Seoul-Moscow ties likely stuck in limbo amid blame game

4	Will Korea avoid hard landing in housing market?

5	Why Korean shoppers flock to Chinese e-commerce sites

6	'12.12: The Day' goes strong at box office, attracts younger generation

7	K-pop's appeal reflected in global accolades

8	Hyundai Motor hires former US Ambassador to Korea Sung Kim as adviser

9	INTERVIEWEx-NIS chief urges politicians to stop misusing spy agency

10	Justice minister challenges opposition leader in polls for potential next president

Top 5 Entertainment News

1	'12.12: The Day' goes strong at box office, attracts younger generation

2	K-pop's appeal reflected in global accolades

3	REVIEWMusical 'Monte Cristo' returns with riveting tale of vengeance, love

4	INTERVIEWHow AmazeVR revolutionizes aespa's LYNK-POP concert

5	INTERVIEWMeet the man behind giant rubber ducks that once took over Seoul

DARKROOM