Naver CEO Kim Sang-hun reportedly made profits with inside information for Nexon’s IPO with borrowed money.
|Naver CEO Kim Sang-hun /The Investor|
Kim, prosecutor Jin Kyung-joon and Park Seong-joon, a director of Boston Consulting Group, purchased shares valued at 425 million won ($373,575) of the then-unlisted game firm in 2005 a year before it went public.
The game firm lent the money to the three and received no interest from them.
“If a borrower does not return due interest to a lender, it can be akin to bribery in a way,” an official in a legal sector said.
Kim has been questioned by the prosecution as a testifier, but some critics expect that he can be called in for a probe down the road.
By Kim Young-won (firstname.lastname@example.org)