KG Mobility CEO offers to resign over embezzlement allegations

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KG Mobility CEO offers to resign over embezzlement allegations

Published: 21 Mar. 2024, 17:47

JIN EUN-SOO
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KG Mobility's car plant in Pyeongtaek, Gyeonggi [NEWS1]

The chief executive of Korean automaker KG Mobility, formerly known as Ssangyong Motor, has offered to resign over embezzlement allegations, an industry source said Thursday.

According to the source, CEO Jeong Yong-won tendered his resignation after the police conducted a search and seizure at the company's headquarters in Pyeongtaek, south of Seoul, on Tuesday in connection with suspicions concerning him and three other company individuals.

Jeong has expressed his intention to oversee ongoing internal projects, such as new vehicle model developments, to their end until leaving the company.

A KG Mobility official said the CEO's fate will be determined after the police investigation is concluded.

Yonhap