The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Woman killed in stopped car struck by bus on highway

  • 3

    Koreans wish to work less than 40 hours per week: survey

  • 5

    Yoon faces strong political backlash after Tokyo summit

  • 7

    Video footage highlights details of stepmother's fatal abuse of 12-year-old

  • 9

    Actor Yoo Ah-in to appear for questioning Friday over alleged drug use

  • 11

    INTERVIEWNorth Korean-born chef delights Southerners' taste buds, breaks down cultural barriers

  • 13

    New EU trade policies unnerve Korean firms

  • 15

    North Korea fires ballistic missile as US bombers join drills

  • 17

    Whisky sales at E-Mart outlets exceed soju sales in Jan.-Feb. period

  • 19

    Could Doosan Robotics be valued at 1 trillion won in IPO?

  • 2

    Korea sets record of half million economically inactive youth

  • 4

    Mask mandate on public transportation to end Monday

  • 6

    Apple Pay's imminent launch in Korea draws mixed responses

  • 8

    Centre Pompidou's Korean branch to open in 63 Building

  • 10

    Commuters still wear masks despite end of mask mandate on public transportation

  • 12

    KAIST student becomes first Korean recipient of Apple Scholars fellowship

  • 14

    ANALYSISYoon-Kishida summit may 'raise ceiling' for trilateral cooperation with US: expert

  • 16

    Land minister fortifies city building cooperation with Indonesia

  • 18

    UBS eyeing swoop for Credit Suisse, sources say, amid fears of banking contagion

  • 20

    Trump expects to be arrested Tuesday as DA eyes charges

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Tue, March 21, 2023 | 19:48
Law & Crime
Prosecutors raid SK Group in connection with alleged slush fund case at SK Networks
Posted : 2021-03-05 17:46
Updated : 2021-03-05 18:00
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
SK Group Chairman Choi Shin-won leaves the Seoul Central District Court in Seocho District after a hearing on Feb. 17 on charges of embezzlement and breach of trust. Yonhap
SK Group Chairman Choi Shin-won leaves the Seoul Central District Court in Seocho District after a hearing on Feb. 17 on charges of embezzlement and breach of trust. Yonhap

Prosecutors on Friday raided SK Group's headquarters to see if the group is involved in the alleged creation of an illicit fund by the chairman of the SK Networks Co., a global trading unit of the group.

The anti-corruption unit of the Seoul Central Prosecutors Office said prosecutors and police investigators from the unit were searching the SK Group headquarters in Seoul to secure evidence for an investigation into the slush fund allegation.

On the same day, prosecutors indicted chairman Choi Shin-won, who was arrested last month on charges of embezzlement and breach of trust. He is a son of late SK Group founder Chey Jong-gun and a cousin of SK Group Chairman Chey Tae-won.

Choi faces allegations that he created a slush fund worth 223.5 billion won (US$198 million) through the company's six affiliates, including SKC, a chemical manufacturing company, and SK Telesys Co., a communication equipment manufacturer.

In addition, investigators are looking into the allegation that he was involved in stock manipulation.

SK Networks bought back 100 billion won worth of treasury shares from March to early June last year. After the plan was made public, shares in the company jumped to 5,600 won from 4,300 won.

Prosecutors suspect the buyback was aimed at boosting stock prices and Choi and company executives may have illegally profited in the process.

Also he was accused of hiding around 1.6 billion won under employees' names and violating the Foreign Exchange Transactions Act by taking around 900 million won overseas without reporting it.

Choi served as chairman for SKC Co. from 2000 to 2015 and has been in his current position since 2016.

The investigation into the suspected slush fund case began when the Korea Financial Intelligence Unit (KoFIU) under the Financial Services Commission (FSC) spotted suspicious flows of money at SK Networks in 2018. (Yonhap)


 
LG Group
Top 10 Stories
1Woman killed in stopped car struck by bus on highway Woman killed in stopped car struck by bus on highway
2Korea sets record of half million economically inactive youth Korea sets record of half million economically inactive youth
3Commuters still wear masks despite end of mask mandate on public transportation Commuters still wear masks despite end of mask mandate on public transportation
4[INTERVIEW] North Korean-born chef delights Southerners' taste buds, breaks down cultural barriers INTERVIEWNorth Korean-born chef delights Southerners' taste buds, breaks down cultural barriers
5KAIST student becomes first Korean recipient of Apple Scholars fellowship KAIST student becomes first Korean recipient of Apple Scholars fellowship
6COVID-hit Myeong-dong bounces back as tourists return COVID-hit Myeong-dong bounces back as tourists return
7Public officials reluctant to dine with coworkers Public officials reluctant to dine with coworkers
8Brides in early 40s outnumber those in early 20s Brides in early 40s outnumber those in early 20s
9OTT service providers negatively impacted by illegal streaming website OTT service providers negatively impacted by illegal streaming website
10[ANALYSIS] Yoon-Kishida meeting raises expectations of 3-way summit with China ANALYSISYoon-Kishida meeting raises expectations of 3-way summit with China
Top 5 Entertainment News
1Centre Pompidou's Korean branch to open in 63 Building Centre Pompidou's Korean branch to open in 63 Building
2Celebrities head back abroad to film K-food reality shows Celebrities head back abroad to film K-food reality shows
3Park Sung-woong talks about filming 'Woong Nam' with comedian-turned-director Park Sung-woong talks about filming 'Woong Nam' with comedian-turned-director
4Kwon Sang-woo's new series to stream on Disney+ this year Kwon Sang-woo's new series to stream on Disney+ this year
5From sky to deserted islands, two artists' documentation of nature adds surreal touch to reality From sky to deserted islands, two artists' documentation of nature adds surreal touch to reality
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group