South Korea Newspaper Hankook Ilbo Media Group Owner Arrested for Embezzlement

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.


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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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