Prosecutors Indict 'SK No. 2' Cho Dae-sik, Supex Chairman, and 3 Others Without Detention (Update)
[Asia Economy Reporter Baek Kyunghwan] The prosecution has indicted Cho Dae-sik, chairman of the SK Supex Council and the second-in-command of SK Group, without detention. Along with him, Cho Kyung-mok, CEO of SK Energy, Choi Tae-eun, former head of SKC's Management Support Division, and Ahn Seung-yoon, CEO of SK Telesys, were also brought to trial.
According to the prosecution on the 25th, the Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Jeon Jun-cheol) indicted Chairman Cho without detention on charges of breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.
Chairman Cho and former head Choi are accused of colluding with Chairman Choi Chey-sun from June to September 2012, when SK Telesys was facing bankruptcy, by not providing SKC outside directors with management diagnosis results and instead providing false or incomplete reports regarding self-rescue plans, and then obtaining board approval to have SKC participate in a paid-in capital increase of approximately 19.9 billion KRW in SK Telesys.
Later, it was investigated that Chairman Cho, CEO Cho, and former head Choi, when SK Telesys again faced bankruptcy in 2015, obtained board approval in the same manner to have SKC participate in a paid-in capital increase of approximately 70 billion KRW in SK Telesys.
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Earlier in March, the prosecution had arrested and indicted Choi, then CEO of SK Telesys, on charges of embezzlement and breach of trust. The prosecution believes that Chairman Cho and others conspired under Choi's instructions.
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