South Korea Newspaper Hankook Ilbo Media Group Owner Arrested for Embezzlement

August 6, 2013 Leave a comment

South Korea Newspaper Owner Arrested for Embezzlement

By Agence France-Presse on 9:31 am August 6, 2013.
Seoul. Police have arrested the chairman of one of South Korea’s major newspapers on charges of embezzling millions of dollars, prosecutors said Tuesday. Chang Jae-Ku, owner of the Hankook Ilbo media group which includes several well-known dailies, magazines and a cable channel, was arrested on Monday night. Chang, 65, is accused of embezzling company funds worth 13 billion won ($11.6 million) for his personal use and causing the group a further financial loss of 30 billion won by offering business benefits to his creditors. The labour union of the Hankook Ilbo — the group’s flagship newspaper — had asked Seoul prosecutors to investigate Chang back in April. The management responded by firing the paper’s editor-in-chief, banning most unionised reporters from entering the newsroom and withholding their salaries. The group — the longtime organizer of the Miss Korea beauty pageant — has suffered financial troubles for years.

 

Filed under Macro Trends, TMT Trends

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