By Yi Whan-woo
The prosecution is expanding its investigation of banking irregularities after arresting Kim Chan-kyung, chief of one of four suspended savings banks on charges of embezzling 13 billion won ($11.5 million) on Wednesday.
Investigators at the Supreme Prosecutors’ Office will look into allegations that Kim, chairman of the troubled Mirae Savings Bank, raised a 5.6-billion-won slush fund, and illegally lobbied politicians for business favors.
Kim was caught by the Korea Coast Guard on May 2 in an apparent attempt to smuggle himself out of the country to China on a boat.