The head of South Korea’s third-largest steel maker will be summoned later this week over the alleged embezzlement of company funds, prosecutors said Monday.
Chang Sae-joo, the chairman of Dongkuk Steel, is suspected of misappropriating about 20 billion won ($18 million) by inflating the prices of raw materials the company purchased from abroad, the Seoul Central District Prosecutors’ Office said.
Prosecutors have gathered intelligence from U.S. law enforcement authorities that Chang used the slush fund to gamble in Las Vegas, Nevada, and made billions of won, a prosecutor said. The official added that Chang will be summoned Tuesday.
Prosecutors earlier raided the head office of Dongkuk Steel and Chang’s private residence. (Yonhap)
