An Arrest Warrant Is Being Sought After for ex-KT&G VP
Bae Bae Bae, Aug. 27, 2015, 11:05 a.m.
On Tuesday, over allegations of receiving kickbacks from the company’s business partner, an arrest warrant was issued for the former vice president of the nation’s leading tobacco maker.
Known as Lee, the former vice president of KT&G Corp. is suspected of receiving money in the hundreds of millions of won from a cigarette pack maker at around 2008 and 2013, according to the Seoul Central District Prosecutor’s Office.
In exchange for the money, Lee agreed to help the company uphold a contract with the tobacco company and produced inflated numbers of the of unit price of the components.
Company S has more than tripled its sales from 16.4 billion won (US $13.9) in 2008 to 49.9 billion won last year.
Prosecutors eventually raided several offices of a few business partners of KT&G to determine whether they had created slush funds with the current and former executives of the company.
Also in suspect is Mine Young-jin, the former head of KT&G, of raising secret funds while in office. Prosecutors are reviewing the company’s financial records and transactions to make further determinations as to whether illegal funds were received.
Last month, Min handed his resignation when prosecutors launched the investigation.