ID :
186247
Fri, 06/03/2011 - 10:24
Auther :
Shortlink :
https://oananews.org//node/186247
The shortlink copeid
Kumho Petrochemical chairman summoned over slush fund scandal
(ATTN: UPDATES with more details from paras 2-8)
SEOUL, June 3 (Yonhap) -- Prosecutors questioned the chairman of Kumho Petrochemical Co. on Friday over allegations that he created huge slush funds and earned unfair profits using the company's internal information.
Park Chan-koo, a younger brother of Kumho Asiana Group chairman Park Sam-koo, is suspected of having raised as much as 10 billion won (US$9.3 million) in slush funds by manipulating receipts in transactions with subcontractors.
Prosecutors said the younger brother also avoided the same amount of losses by selling out stocks of Kumho Industrial, a construction and express bus business branch of the group, using internal information of the group in June 2008.
Prosecutors raided his head office over the allegations in April.
Park, however, denied the slush fund allegations.
"That's not true," the 62-year-old chairman told reporters, when asked about the allegations upon arriving at the Seoul Southern District Prosecutors' Office.
On the suspicion of unjust profit-making, Park said he will give answers directly to prosecutors.
The brothers were in conflict over control of the group in 2009, which led both of them to resign from their posts. But the two resumed their posts last year.
SEOUL, June 3 (Yonhap) -- Prosecutors questioned the chairman of Kumho Petrochemical Co. on Friday over allegations that he created huge slush funds and earned unfair profits using the company's internal information.
Park Chan-koo, a younger brother of Kumho Asiana Group chairman Park Sam-koo, is suspected of having raised as much as 10 billion won (US$9.3 million) in slush funds by manipulating receipts in transactions with subcontractors.
Prosecutors said the younger brother also avoided the same amount of losses by selling out stocks of Kumho Industrial, a construction and express bus business branch of the group, using internal information of the group in June 2008.
Prosecutors raided his head office over the allegations in April.
Park, however, denied the slush fund allegations.
"That's not true," the 62-year-old chairman told reporters, when asked about the allegations upon arriving at the Seoul Southern District Prosecutors' Office.
On the suspicion of unjust profit-making, Park said he will give answers directly to prosecutors.
The brothers were in conflict over control of the group in 2009, which led both of them to resign from their posts. But the two resumed their posts last year.
