On Charges of Embezzlement and Breach of Duty
The Anti-Corruption Investigation Department of the Seoul Central District Prosecutors' Office said on Feb. 15 that it has requested an arrest warrant for SK Networks chairman Chey Shin-won for violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes.
The SK Networks chairman, who is an older cousin of SK Group chairman Chey Tae-won, is charged with embezzling 20 billion won worth of corporate funds and breach of duty. He was summoned for questioning about a month ago.
Prosecutors have tracked bank accounts of SK Netowks and Chey since they have taken over data from the Financial Intelligence Unit (FIU), which first detected SK Networks' suspicious flow of funds in 2018. Prosecutors have reportedly discovered that some checks issued by SK Networks were transferred to Chey’s accounts. An interrogation of Chey as a suspect before his arrest is expected to take place in the middle of this week.
Chairman Chey Shin-won is the second son of the late SK Group founder Chey Jong-gun and a cousin of SK Group chairman Chey Tae-won. Chey Shin-won had served as chairman of SKC from 2000 to 2015 before becoming the chairman of SK Networks in 2016.