16 People Including POSCO Chairman Choi Jung-woo Booked Over '700 Million Overseas Board Meeting' Allegations

Posco Holdings, the holding company of the Posco Group, is under police investigation following allegations of illegal expenditure related to holding an overseas board meeting last year.

According to the police on the 12th, the Seoul Suseo Police Station has registered 16 individuals, including Choi Jeong-woo, chairman of Posco Holdings and attendee of the board meeting, on charges of breach of trust in the course of business and is currently investigating.

The Posco Holdings board of directors, including Chairman Choi, held a board meeting in Canada from August 6 to 12 last year, lasting 5 nights and 7 days.

The overseas schedule reportedly cost approximately 680 million KRW, which, according to company regulations, should have been paid by Posco Holdings, but the suspicion is that the subsidiaries Posco and Poscan split the expenses.

It is known that Posco Holdings paid 350 million KRW, the subsidiary Poscan paid 310 million KRW, and Posco paid 20 million KRW of this amount.

The police are also investigating whether the outside directors, who are former professors attending the board meeting, violated the Improper Solicitation and Graft Act. The attendees are suspected of staying at a luxury hotel and having extravagant meals during the board meeting period.

Earlier, the Seoul Central District Prosecutors' Office received a complaint related to these allegations last month, and the case was transferred to the Suseo Police Station.

This content was produced with the assistance of AI translation services.