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NXC chairman to be questioned by prosecutors

[THE INVESTOR] Kim Jung-ju of NXC Inc., the holding firm of games maker Nexon, is to be questioned by the authorities in connection with the scandal surrounding senior prosecutor Jin Kyung-jun.

According to the Seoul Central District Prosecutors’ Office, Kim will be summoned for questioning, and his lawyers are currently working out a schedule. The prosecution said that they do not have evidence of any wrongdoing on Kim’s part, and that the NXC chairman will be questioned as a witness. 

Kim Jung-ju.
Kim Jung-ju.

Jin is suspected of using insider information to trade Nexon shares. In 2005, Jin purchased Nexon shares using funds provided by the company. Last year, he sold his entire stake in Nexon’s Japanese operations, gaining about 10 billion won (US$ 8.6 million) in the process.

Nexon has admitted that the company’s funds were used by Jin to purchase its shares in 2005.

It claims that the funds were loaned to Jin in order to meet the demands of a former executive who wanted to sell his stake in the company as quickly as possible.

By Choi He-suk (cheesuk@heraldcorp.com)

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