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THE INVESTOR
April 22, 2021

The Boardroom

Ex-KAI head detained by prosecutors

  • PUBLISHED :September 20, 2017 - 13:24
  • UPDATED :September 20, 2017 - 13:24
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[THE INVESTOR] A former chief of Korea Aerospace Industries has been detained for questioning in a major corruption scandal, prosecutors said on Sept. 20.

The Seoul Central District Prosecutors’ Office took custody of Ha Seong-yong, former CEO of the nation’s sole aircraft manufacturer, on charges of accounting fraud and negligence. The prosecution has 48 hours before it decides whether to seek an arrest warrant from a court.

Prosecutors have been investigating KAI and its officials on allegations that they pocketed as much as 24 billion won (US$21.20 million) by cooking the books regarding major supply deals, including the Surion utility helicopter.

They are suspected of inflating the value of the proceeds from the sale of a light attack aircraft, the FA-50, to Iraq, in a deal worth some 3 trillion won.

By Alex Lee and newswires (alexlee@heraldcorp.com)
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