Top Executive of pan Ocean Shipping Charged
South Korean prosecutors formally charged the chief executive of Pan Ocean Shipping Company, the country’s largest shipping firm, with alleged financial offences.
A statement from the prosecutors’ office said charges of illegal capital movement, violation of foreign exchange laws and tax evasion were laid against Hahn Sang-yon, president of the hugely indebted company whose chairman, Park Ken-sek, fell to his death a week ago.
Prosecutors said that over the past six years Hahn and Park illegally sent abroad more than 15 mln dlrs.
The prosecutors said that the two executives used more than 2.7 mln dlrs of the diverted funds to acquire U.S. Real estate. The Office of National Tax Administration has sent banking experts to the United States to investigate.
Park plunged to his death from his 10th floor office window on April 19.
Finance Minister Chung In-young last week ordered the state-owned Korea Exchange Bank to take over Pan Ocean, burdened by debts of more than 1,000 billion won.