Citizen Groups File Police Complaint Against Attendees of POSCO China Luxury Board Meeting

Chairman Choi Jung-woo and Others Accused of Breach of Duty

The Pohang regional civic group, 'POSCO Headquarters and Future Technology Research Institute Headquarters Pohang Relocation Pan-Citizen Countermeasures Committee' (Pan-Committee), filed a complaint with the police on the 17th against Chairman Choi Jung-woo of POSCO Holdings, former and current executives, and outside directors, totaling eight individuals, on charges of breach of duty.

Chairman Lim Jong-baek is submitting a complaint to the Seoul Metropolitan Police Agency on the 17th against Choi Jung-woo, Chairman of POSCO Holdings, eight current and former executives, and outside directors.
[Photo by Beomdae-wi]

In the complaint, the Pan-Committee stated that Chairman Choi and others caused damage to the company through luxury expenses unrelated to the board of directors in August 2019, including ▲Baekdusan tourism ▲chartering a plane from Beijing Shoudu Airport to Yanji Airport ▲luxurious meals featuring Baekdusan pine mushrooms and Russian hairy crabs ▲luxury golf at a high-end golf course near Beijing ▲staying at a luxury hotel while consuming premium food and alcohol.

Chairman Lim Jong-baek said, "Last August, the holding of an ultra-luxury board meeting in Canada sparked public outrage, and upon learning that the 2019 China board meeting was similarly held in an ultra-luxury manner like the Canadian case, I could not help but feel indignant."

Chairman Kang Chang-ho stated, "The ultra-luxury board meetings in Canada and China clearly revealed that they were lobbying for Chairman Choi’s reappointment and third term. Since they are not qualified as members of the CEO candidate recommendation committee (Huchuwi) or as candidates for the next chairman, they should voluntarily resign as soon as possible."

Earlier, the police had booked Chairman Choi and 16 inside and outside directors on charges of breach of duty or acceptance of breach of duty and are investigating them. They participated in an overseas board meeting held in Canada from August 6 to 12 last year, which cost about 700 million won in total, and the complaint was filed due to allegations of illegality regarding the source of the expenses.

A Seoul Metropolitan Police Agency official said at a recent regular press briefing, "We received the complaint from the Seoul Central District Prosecutors' Office and conducted a complainant investigation at the Suseo Police Station," adding, "The case will be transferred to the Financial Crime Investigation Unit of the Seoul Police Agency to continue the investigation."

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