[THE INVESTOR] Hanjin Group Chairman Cho Yang-ho appeared before police investigators on Sept. 19 to face questioning over his alleged misappropriation of company funds.
Cho, who is also chairman of Korean Air, the nation's largest air carrier, showed up at the National Police Agency in Seoul as a criminal suspect facing possible charges of breach of trust.
He refused to take any questions from reporters, only saying that he will “fully cooperate with the investigation.”
Cho, 68, is suspected of siphoning off 3 billion won (US$2.65 million) from his company money set aside for the construction of a hotel in order to pay for the remodeling of his house in central Seoul between May 2013 and August 2014.
He has denied any wrongdoing, saying he had no knowledge of the misappropriation.
The police said they will focus their questions on finding out how much Cho knew about the misuse of the funds. The police are trying to uncover to what extent his wife, Lee Myung-hee, was also involved in the alleged misappropriation.
A senior Korean Air official has been arrested on embezzlement charges in relation to the illicit spending of the company’s money.
By Alex Lee and newswires (firstname.lastname@example.org)