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KOGAS CEO probed for embezzlement
By Kim Se-jeong
Jang Seok-hyo
By Kim Se-jeong
Jang Seok-hyo, CEO of the state-run Korea Gas Corp. (KOGAS), is being investigated for allegedly embezzling company funds when he previously worked as the CEO of a private company.
According to the Incheon District Prosecutors’ Office, Thursday, Jang is suspected of having embezzled 100 million won ($94,357) by forging receipts between 2011 and 2013 when he was the president of Tongyeong Tug, based in Tongyeong, South Gyeongsang Province. The company specializes in providing tugs for LNG delivery ships.
“We have all the necessary information from the Coast Guard,” said a prosecutor. Jang is also accused of having bribed business partners, including free golf trips worth 70 million won ($66,050).
Jang worked for the tug boat company between July 2011 and July 2013, and it is a business partner of KOGAS.
Suspicions that Jang may have embezzled funds suspicions arose while the Coast Guard was investigating a corruption case involving KOGAS and an unidentified company that won a bid for a LNG project in December last year. KOGAS had allegedly leaked classified information to the company so that it could win the bid. The Coast Guard earlier raided KOGAS offices in April.
But the investigation was suspended following the Sewol ferry disaster.
Jang was sworn in as KOGAS CEO in August last year. Jang previously worked at the gas firm between 1983 and 2011.
Rep. Hong Young-pyo of the main opposition New Politics Alliance for Democracy, called for a thorough investigation.
“Unethical behavior by an individual like him sets a bad example. I think the embezzlement was possible because of the special relationship between KOGAS and Tongyeong Tug, and, if so, that should be disclosed through parliamentary inspection,” Hong said in a statement.