Arrest Warrant Issued for Chairman Choi Soon Young
Prosecutors issued a warrant for the arrest of Choi Soon Young, chairman of Shin Dong Ah Group, on February 11.According to the warrant, Chairman Choi set up a pseudo-company called 'Steve Young' in the Bahamas.
Shin Ah Won Co., one of Shin Dong Ah Group's subsidiaries, dealt with Steve Young Co. for about one year beginning in May 1996.
Utilizing forged contracts and bills of lading, Chairman Choi embezzled about 165 million dollars and stashed it in overseas banks.
According to affiliates at Shin Dong Ah Group, Chairman Choi is charged with fraudulently using the company's money for his overseas fund.
with the Korea JoongAng Daily
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