The Seoul Northern District Prosecutors' Office's National Financial Crime Joint Investigation Unit (Head: Chief Prosecutor Min Kyung-ho) announced on the 9th that it has arrested and indicted Choi Mo, an executive of Korea Hydro & Nuclear Power (KHNP), on charges of embezzling funds from the Saemangeum floating solar power project.


According to the prosecution, Choi is accused of creating slush funds and misappropriating them while serving as the project director of Saemangeum Solar Power, a special purpose company (SPC) jointly established by KHNP and Hyundai Global, where he was dispatched from May 2019 to June 2021.


It was investigated that over a period of about two years, Choi embezzled approximately 243 million won by inflating the payments for design and permit services related to the Saemangeum floating solar power project and then receiving the excess amount back in cash.


Hot Picks Today

If They Fail Next Year, Bonus Drops to 97 Million Won... A Closer Look at Samsung Electronics DS Division’s 600M vs 460M vs 160M Performance Bonuses If They Fail Next Year, Bonus Drops to 97 Million Won... A Closer Look at Samsung Electronics DS Division’s 600M vs 460M vs 160M Performance Bonuses

Choi, who was arrested on the 22nd of last month, is reported to have been suspended from his position at KHNP.


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

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.

Today’s Briefing