Samyang Foods chairman and wife accused of embezzlement, breach of trust
By Park Si-soo
Samyang Foods chairman Jeon In-jang and his wife Kim Jung-soo
Samyang Foods chairman Jeon In-jang and his wife will stand trial for embezzlement and breach of trust.
The Seoul Northern District Prosecutors' Office said Sunday the couple had been indicted.
They allegedly embezzled 5 billion won ($4.67 million) between 2008 and September 2017 by manipulating procurement documents.
The couple also allegedly perpetrated a breach of trust by endorsing a 2.95 billion won loan from Samyang to an affiliate between October 2014 and July 2016, knowing the affiliate would not be able to repay the money.
According to prosecutors, the couple has admitted the offences and has repaid all the money they allegedly embezzled.
The prosecution sought an arrest warrant for the couple, but a court refused, saying the couple was unlikely to destroy evidence or flee.