Police Request Arrest Warrant for Former Taekwang Group Chairman Lee Hojin on Embezzlement Charges

The police investigating former Taekwang Group Chairman Lee Hojin on charges of embezzlement and breach of trust have moved to secure his custody.

Former Chairman Lee Hojin of Taekwang Group in December 2018. [Image source=Yonhap News]

According to the police on the 13th, the Anti-Corruption Crime Investigation Unit of the Seoul Metropolitan Police Agency applied for an arrest warrant for former Chairman Lee on the 7th. The pre-arrest detention hearing (warrant substantive examination) for former Chairman Lee is scheduled to be held at the Seoul Central District Court on the morning of the 16th.

The police suspect that former Chairman Lee created slush funds worth billions of won through group affiliates and are conducting an investigation. He is also suspected of improperly supporting construction costs for affiliates through Taekwang CC.

Earlier, the police conducted searches and seizures at former Chairman Lee’s residence, the Group Management Council office, and Taekwang CC.

In this regard, Taekwang Group stated, “Most of the charges against former Chairman Lee were committed by former Management Council Chairman Kim Giyu, who oversaw the group’s management,” adding, “Former Chairman Kim is shifting responsibility to former Chairman Lee after his own illegal activities were revealed during the prosecution’s investigation and he faced the risk of legal action.”

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