Prosecutors Request Arrest Warrant for Former Hyundai AutoEver CEO Seo Jeong-sik on Charges of Corporate Card Misuse with Partner Company
KT 'Boeun Investment Suspicion' Investigation Reveals Charges of Breach of Trust and Bribery
The prosecution investigating allegations that KT Group purchased shares of Hyundai Motor affiliates at inflated prices has moved to secure the custody of Seo Jeong-sik, former CEO of Hyundai AutoEver.
Seoul Central District Prosecutors' Office, Seocho-gu, Seoul. Photo by Jinhyung Kang aymsdream@
View original imageThe Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Yong Seong-jin) filed an arrest warrant on the 21st against former Hyundai AutoEver CEO Seo on charges including breach of trust and bribery.
According to the prosecution, Seo is accused of receiving improper solicitations related to maintaining business relationships and facilitating deliveries from three individuals, including representatives of partner companies, while serving as a senior executive at Hyundai Motor and CEO of Hyundai AutoEver from November 2018 to June last year. He allegedly received corporate credit cards and accepted economic benefits totaling approximately 800 million KRW.
The prosecution reportedly uncovered Seo's misconduct during the investigation into suspicions that KT Cloud purchased the vehicle cloud company Spark & Associates (Spark, now Open Cloud Lab) at an inflated price.
At that time, KT Cloud acquired 100% of Spark's shares for 20.68 billion KRW, incorporated it as a subsidiary, and subsequently renamed the company Open Cloud Lab.
There are suspicions that KT's purchase of Spark was a reciprocal investment in response to Hyundai Motor acquiring shares in Airplug, a company founded by Koo Hyun-mo, former KT CEO's twin brother, in two rounds in 2019 and 2021.
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Earlier, in August last year, the prosecution conducted raids on the residence of former KT President Yoon Kyung-rim, KT headquarters, KT Cloud, Open Cloud Lab, and residences of related individuals. In November last year, they also seized related materials from four locations, including the residences of former CEO Seo and Spark affiliates.
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