Indictments for Kookmin Ilbo CEOs
Cho Min-je, 41, the CEO of the Kookmin Ilbo, was also indicted without detention by prosecutors on Monday on the same charge. Prosecutors said Cho Min-je generated 4.5 billion won in losses for KyungYoon Hydro Energy, based in Anyang, Gyeonggi, by purchasing a hydrogen battery company’s stocks, which were considered profitless. Prosecutors said Cho Min-je used KyungYoon funds to purchase the stocks after he acquired KyungYoon with several other investors. Cho Min-je, however, denied the charges, saying, “I only invested in KyungYoon and was never involved in management. I will sincerely cooperate with the prosecutors’ investigation in order to reveal the truth.”
Cho Hee-jun and Cho Min-je are the sons of Pastor David Yonggi Cho, 74, who was charged with dereliction of duty and misuse of church funds in September.
By Park Jin-seok [email@example.com]