Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Former Navy chief under investigation for misappropriation
By Lee Hyo-sik
The Supreme Prosecutors’ Office said Tuesday that it has opened an investigation has been opened into allegations that Chung Ok-geun, the former Navy chief of staff, misappropriated large sums of government funds while in office.
Investigators suspect that Chung illegally appropriated some 250 million won out of his official expense account and spent it for personal use. They have been tracing his bank accounts and looking into other financial transactions. He served as the nation’s top naval officer for two years from 2008 to 2010.
Prosecution watchers say that the ongoing investigation is part of a full-scale inquiry, initiated by Prosecutor General Kim Joon-gyu, into collusion between top military brass and defense companies.
This means investigators will also look into whether Chung received bribes from defense companies in return for helping them win Navy procurement contracts.
In 2005, Chung oversaw the Navy’s procurement programs for an Aegis destroyer, the 14,000-ton Dokdo landing ship, a 1,800-ton submarine and naval weaponry.
The Supreme Prosecutors’ Office said the Daejeon District Prosecutors’ Office will lead the investigation, given the nature of the case and location of the residences of those involved.