The Korea Herald


Police summon ex-Taekwang chief over allegations of embezzlement

By Yonhap

Published : Jan. 20, 2024 - 16:35

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Former Taekwang Group Chairman Lee Ho-jin (Yonhap) Former Taekwang Group Chairman Lee Ho-jin (Yonhap)

Police on Saturday summoned former Taekwang Group Chairman Lee Ho-jin to look into allegations of embezzlement and breach of trust, officials said.

Lee has been under investigation on suspicion of creating slush funds worth over 2 billion won ($1.5 million) through affiliates of the textile-to-media conglomerate.

The summons comes after police raided Lee's home and Taekwaong Country Club in Yongin, south of Seoul, and placed an overseas travel ban on the former chairman.

Lee had formerly served a three-year prison term for embezzlement, breach of trust and tax evasion before being released in October 2021.