Prosecutors Conduct Search and Seizure at KT Headquarters and Subsidiaries... Investigating Gu Hyun-mo and Others for Breach of Trust Charges
The prosecution investigating the KT Group's 'suspicion of preferential treatment in business transactions' has detected signs of breach of trust by former KT CEO Koo Hyun-mo and other executives, and has launched a forced investigation.
On the 28th, the Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lee Jeong-seop) dispatched prosecutors and investigators to seven to eight locations, including KT headquarters, KT Cloud, the subsidiary Open Cloud Lab (formerly Spark & Associates·Spark), and the residence of former KT President Yoon Kyung-rim, to secure related materials.
The prosecution is examining the possibility that KT Cloud paid a price tens of billions of won higher than the normal corporate value when purchasing 100% of Spark's shares for 20.68 billion won in September last year. At that time, former CEO Koo and former President Yoon, who were involved in the decision-making process as KT CEO and Group Transformation Division Head respectively, were reportedly booked as suspects on charges of breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.
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Spark is a company established by the brother-in-law of Hyundai Motor Group Chairman Chung Eui-sun. The prosecution is also investigating the possibility that KT made such an investment as a form of reciprocation related to Hyundai Motor's purchase of the company owned by former CEO Koo's brother, who faced management difficulties in July 2021. The prosecution plans to analyze the materials secured through the search and seizure on that day and summon former CEO Koo and former President Yoon to verify specific facts.
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