Reward for tips in Kepco fraud case highest yet

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Reward for tips in Kepco fraud case highest yet

The Korean government on Tuesday announced that it will award a 1.16 billion won ($1 million) reward in a fraud case that cost the state-run Korea Electric Power Corporation (Kepco) some 28 billion won.

The Anti-Corruption and Civil Rights Commission (ACRC) said via a press release that the reward is the highest sum local officials have ever offered an individual in a corruption case involving public institutions.

The case was reportedly brought to authorities’ attention by an unidentified employee from a company contracted with Kepco, who in November 2007 reported to the ACRC that the supplier had swindled some 28 billion won from the country’s largest electric utility by inflating production costs for goods.

The ACRC filed the case with the prosecution, which later proved that the whistle-blower’s report was accurate.

The source will be rewarded through Korea’s report system for corruption at state-run establishments, the ACRC said.

Since the system was introduced in 2002, 265 other cases have been filed.

Some 8.2 billion won has been offered so far in total.

The ACRC said it was pushing ahead with revising the system so that whistle-blowers could be acknowledged with more incentives.

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