Police seek arrest warrant for KT executives on corruption charges

[Photograph by Yoo Dae-gil = dbeorlf123@ajunews.com]

SEOUL -- Police sought an arrest warrant for KT Corp. chairman Hwang Chang-gyu and three others Monday in an investigation into allegations that company executives have made illegal political donations to lawmakers for the smooth operation of South Korea's leading telecom company.

Police said seven former and incumbent KT executives, including Hwang, have been accused of embezzling company funds and violating laws on political funding. Of them, police are seeking arrest warrants for four.

Hwang was appointed as KT's chief in 2014 and his second three-year term began in March last year. KT executives are suspected of purchasing gift vouchers with company funds and cashing them out for private political donations to lawmakers on committees related to KT's business between 2014 and 2017.

Hwang has denied any wrongdoing, but KT executives are suspected of creating 1.15 billion won ($1.04 million) in slush funds and using 442 million won for illegal donations to 99 lawmakers. In South Korea, company donations to lawmakers are banned and individuals are not allowed to donate more than five million won a year.

Lim Chang-won cwlim34@ajunews.com

Police seek arrest warrant for KT executives on corruption charges

Related