Lee Ho-jin, former chairman of Taekwang Group. (Photo=Yonhap News)

 

[Alpha Biz= Reporter Kim Minyoung] Former Taekwang Group Chairman Lee Ho-jin, who is under investigation by the police for allegedly creating a large amount of slush funds using group affiliates, has avoided arrest.

The Seoul Central District Court rejected the arrest warrant for Lee on charges of embezzlement and breach of trust under the Specific Economic Crimes Act yesterday (16th).

Considering the level of proof of the alleged crimes and the room for dispute, the court judged that "it is difficult to acknowledge the grounds for arrest and the necessity of detention at this stage."

Lee is accused of mobilizing group affiliates to create tens of billions of won in slush funds and using corporate credit cards totaling over 80 million won for personal expenses.

 

 

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