Prosecutors Tracking Affiliate Company Funds Used by Lee Sang-jik's Daughter

[Asia Economy Reporter Baek Kyunghwan] The prosecution is reportedly investigating suspicions that company funds were used for a luxury foreign car driven by the daughter of Lee Sang-jik, an independent lawmaker from Jeonbuk Jeonju-eul and the founder of Eastar Jet.

According to the legal community on the 12th, the Jeonju District Prosecutors' Office is tracking the flow of funds amounting to 110 million KRW from Eastar Holdings, a subsidiary of Eastar Jet, which appears to have been used for a Porsche vehicle driven by the lawmaker's daughter. The suspicion regarding the Porsche and company funds had already been raised by some media outlets earlier.

The investigation team is also reportedly verifying circumstances where about 60 million KRW of Eastar Jet subsidiary funds flowed into the deposit for an officetel leased and used by the lawmaker's daughter.

Meanwhile, on the 9th, the Jeonju District Prosecutors' Office filed an arrest warrant against the lawmaker on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust and embezzlement), embezzlement in the course of business, and violation of the Political Funds Act. The lawmaker is suspected of conspiring with Mr. A, who was indicted in custody for causing approximately 43 billion KRW in financial damage to the company by prematurely repaying Eastar Jet’s long-term loans, thereby undermining the company’s financial stability.

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