ID :
184717
Thu, 05/26/2011 - 21:06
Auther :
Shortlink :
https://oananews.org//node/184717
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Court approves arrest warrant for Orion chairman
SEOUL, May 27 (Yonhap) -- A Seoul court on Thursday issued a warrant for the arrest of the chairman of Orion Group on charges of ordering executives of the confectionery and media group to create slush funds and pocketing the money.
Tam Cheol-gon, a son-in-law of the late Orion founder Lee Yang-ho, is accused of creating a total of some 16 billion won (US$13.3 million) in slush funds and exploiting the money for personal purposes.
The Seoul Central District Court approved the arrest warrant for the 55-year-old Tam, saying his crime has been ascertained and there is a reasonable concern that the suspect might attempt to destroy evidence.
Prosecutors have said Tam's close confidant, surnamed Cho, raised the fund in the process of selling land owned by the group for constructing a luxury apartment in southern Seoul at a below-market price and falsifying a payroll report. Cho, who has already been arrested and indicted on charges of embezzlement, delivered the money to Tam and his wife, Lee Hwa-kyung, who is also a top executive of the group, they said.
Tam is also charged with incurring a loss to one of his group's affiliates by having the company lease luxury sports cars and using them for personal purposes, they said.
Prosecutors suspect Tam used part of the corporate funds to buy about 10 expensive paintings found at his home, which prosecution investigators raided on May 16.
Tam Cheol-gon, a son-in-law of the late Orion founder Lee Yang-ho, is accused of creating a total of some 16 billion won (US$13.3 million) in slush funds and exploiting the money for personal purposes.
The Seoul Central District Court approved the arrest warrant for the 55-year-old Tam, saying his crime has been ascertained and there is a reasonable concern that the suspect might attempt to destroy evidence.
Prosecutors have said Tam's close confidant, surnamed Cho, raised the fund in the process of selling land owned by the group for constructing a luxury apartment in southern Seoul at a below-market price and falsifying a payroll report. Cho, who has already been arrested and indicted on charges of embezzlement, delivered the money to Tam and his wife, Lee Hwa-kyung, who is also a top executive of the group, they said.
Tam is also charged with incurring a loss to one of his group's affiliates by having the company lease luxury sports cars and using them for personal purposes, they said.
Prosecutors suspect Tam used part of the corporate funds to buy about 10 expensive paintings found at his home, which prosecution investigators raided on May 16.
