April 26, 2024

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[THE INVESTOR] An appellate court on Feb. 17 cleared a former chief of the country’s leading tobacco maker of bribery, citing a lack of credibility in the testimonies of those involved.

Upholding a lower court ruling, the Seoul High Court found Min Young-jin, ex-head of KT&G, not guilty of receiving some 179 million won (US$156,000) worth of cash and goods in kickbacks from subcontractors from 2009 to 2012. The goods allegedly given to him included five Rolex watches and one other Swiss luxury-brand watch.

Min was also acquitted of offering some 600 million won worth of bribes to a government official in return for business favors. In the original ruling, the lower court said the subordinate and the subcontractors reversed their testimonies on the amount, method and motive of the bribery

(theinvestor@heraldcorp.com)