KT&G CEO resigns amid probe over alleged embezzlement

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KT&G CEO resigns amid probe over alleged embezzlement

Min Young-jin, CEO of Korea’s largest tobacco and ginseng company KT&G, resigned Wednesday amid a growing investigation by the prosecutor’s office on his alleged embezzlement.

According to the company, KT&G’s board will choose a successor that will be reviewed by a committee made up of outside directors. The appointee will later be approved by shareholders.

Min was being monitored by the prosecutor’s office, who reportedly received information that the KT&G CEO was creating a slush fund through an affiliate of the company.

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