SK Networks Chairman Shin Shin-won (pictured) was arrested on the 17th, who is accused of embezzlement of 100 billion won worth of money and betrayal.
Won Jeong-sook, the deputy chief judge in charge of the warrant of the Seoul Central District Court, said at 8:50 pm, “There is considerable reason to suspect that the suspect has committed a crime, such as the fact of the crime, and there is a fear of destroying evidence by using his position. Considering the impact, etc., the reason and necessity of arrest are recognized,” and issued an arrest warrant for Chairman Choi. The arrest interrogation, which started around 10 am on this day, took about 3 hours and 30 minutes. Chairman Choi, who finished the interrogation this afternoon, left, saying “I’m sorry” to the reporters. Chairman Choi is accused of embezzlement of money in the process of operating SK Networks, SK Telesys, and SKC, and damages to the company by not being properly repaid after lending the money to private businesses without security. It is known that the sum of embezzlement and misrepresentation amounts to about 100 billion won.
Earlier, the Seoul Central District Prosecutor’s Office, Part 1 of the Anti-Corruption Investigation Department (Director Prosecutor Jun-cheol Jeon), requested a preliminary arrest warrant for Chairman Choi on charges of embezzlement and derogation under the Weighted Penalty Act for Specific Economic Crimes. In 2018, the prosecution started the investigation after receiving a notification from the Financial Information Analysis Institute that it had captured a suspicious flow of 20 billion won in SK Networks. In October of last year, about 10 locations including SK Networks Seoul office in Jung-gu, SKC Suwon headquarters and Seoul office, SK Telesys headquarters, and chairman Choi’s residence were confiscated and searched for subsidiaries’ employees. On the 7th of last month, Chairman Choi was privately called to investigate the facts and circumstances of the suspicion of raising a slush fund.
Chairman Choi is the cousin of SK Group Chairman Choi Tae-won and the second son of the late Sunkyung Group Chairman Choi Jong-gun, the founder of SK Group. The predecessor of SK Networks is the birthplace of SK Group and Sunkyung Textile, founded in 1953 by Chairman Choi Jong-gun. SK Networks said, “We will do our best to prevent gaps in company management, centered on the board of directors and president.”
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