[Alpha Biz=(Chicago) Reporter Kim Jisun] Former POSCO President Jang In-hwa, a candidate for POSCO Group's next chairman, has been accused by police of super-luxury business trips and buying back shares using undisclosed information.

The People's Livelihood Countermeasures Committee said on the 19th that it has filed a complaint with the National Investigation Headquarters against candidate Jang on charges of violating the Capital Market Act, breach of trust at work and obstruction of business.

The committee for the people's livelihood claims that Jang violated the Capital Markets Act by using undisclosed information with Chairman Choi Jung-woo and others prior to his resolution to acquire KRW 1 trillion worth of treasury shares in April 2020.

Participating in China's luxury board of directors in 2019, he also claimed that he committed a breach of duty and interfered with his business by failing to implement a memorandum of understanding (MOU) signed with the mayor of Pohang in November 2017 to improve the lives of local residents and recover from earthquake damage.

 

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