alt
Posted : 2016-03-10 11:17
Updated : 2016-03-10 11:17

Chief of int'l ad company in Seoul arrested over alleged embezzlement

Prosecutors on Thursday formally arrested the head of a foreign-affiliated advertising company in Seoul, which had a major contract with the nation's largest tobacco and ginseng product manufacturer, over allegations he created slush funds.

The Seoul Central District Court issued a warrant to arrest the suspect, surnamed Kim, noting there are considerable reasons to believe he committed the crimes and could possibly destroy evidence.

Kim -- who heads the advertising agency, only identified by its initial J -- is accused of creating slush funds worth over 1 billion won (826,000 dollars) by exaggerating the unit price in contracts with its partners.

Prosecutors suspect the money was used to bribe its clients, including KT&G Corp.
A former head of the company and a staff member in the cigarette and ginseng maker's marketing department were also formally arrested over their alleged involvement in the process. (Yonhap)


  • 1. SOUTH KOREAN PRESIDENT IMPEACHED
  • 2. [LIVE] Impeachment vote begins; result may come around 4 p.m.
  • 3. How the Choi Soon-sil scandal unfolded
  • 4. [POST-IMPEACHMENT] Park now in vegetative state
  • 5. DAY OF JUDGMENT (D-DAY)
  • 6. Park Geun-hye: from grace to scandal-tarnished shame
  • 7. 'Toilet-sensitive' President Park
  • 8. Park Geun-hye joins league of disgraced Korean Presidents
  • 9. Park's odd dream about Roh Moo-hyun
  • 10. President impeached