Korean Trader indicted over illicit money transfer from Iranian account

A South Korean trader has been indicted on charges of illegally withdrawing a large sum of money from a bank account opened in Seoul by Iran and transferring it abroad, prosecutors said Thursday.

The 73-year-old trader, surnamed Jung, is accused of withdrawing 1.9 trillion won (US$1.8 billion) from the Industrial Bank of Korea (IBK) where the Central Bank of Iran has kept a won-based account since 2010 to help settle oil shipments to South Korea.