Former Naver accountant indicted

By Lee Kyung-min

A former accountant at Naver, the country’s biggest Internet service provider, has been indicted on charges of embezzling 1.46 billion won ($1.2 million) in company funds, prosecutors said Tuesday.

The Seoul Eastern Prosecutors’ Office said the man, surnamed Ahn, created a slush fund by setting up bank accounts using the name of his colleagues and Naver’s affiliates from November 2008 until February 2012. Ahn left the company in October 2013.

The prosecution launched an investigation into Ahn in June last year after his boss discovered financial irregularities in the firm’s account book.

The supervisor filed a complaint after noticing some 50 unreported money transfers made between two company accounts, all were opened under the name of Naver and one of its subsidiaries, the prosecution said.

Ahn, who was responsible for money transfers between the two companies, admitted to embezzlement, the prosecution said.

With the stolen money, he paid off his gambling debts and invested in stocks, according to the prosecution.