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An arrest warrant has been sought for the former vice president of the nation's leading tobacco maker on Tuesday over allegations that he received kickbacks from the company's business partner, prosecutors said.
The former vice president of KT&G Corp., identified by his surname Lee, is suspected of receiving hundreds of millions of won from a cigarette pack maker, identified only by the initial S, between 2008 and 2013, according to the Seoul Central District Prosecutor's Office.
In return, Lee helped the company maintain a contract with the state-run tobacco firm and allowed them to exaggerate the unit price of the components.
The sales of company S more than tripled from 16.4 billion won ($13.9 million) in 2008 to 49.9 billion won last year.
On Aug. 13, prosecutors raided the offices of several business partners of KT&G to find out whether they, together with the current and former executives of the company, had created slush funds.
Min Young-jin, the former head of KT&G, is also suspected of raising secret funds while in office. Prosecutors have been examining the company's financial records and transaction structure to determine whether the firm's executives received illegal funds.
Min resigned last month as prosecutors launched the investigation. (Yonhap)
The former vice president of KT&G Corp., identified by his surname Lee, is suspected of receiving hundreds of millions of won from a cigarette pack maker, identified only by the initial S, between 2008 and 2013, according to the Seoul Central District Prosecutor's Office.
In return, Lee helped the company maintain a contract with the state-run tobacco firm and allowed them to exaggerate the unit price of the components.
The sales of company S more than tripled from 16.4 billion won ($13.9 million) in 2008 to 49.9 billion won last year.
On Aug. 13, prosecutors raided the offices of several business partners of KT&G to find out whether they, together with the current and former executives of the company, had created slush funds.
Min Young-jin, the former head of KT&G, is also suspected of raising secret funds while in office. Prosecutors have been examining the company's financial records and transaction structure to determine whether the firm's executives received illegal funds.
Min resigned last month as prosecutors launched the investigation. (Yonhap)
