April 26, 2024

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[THE INVESTOR] Prosecutors on June 24 indicted Jung Woon-ho, former head of local cosmetics brand Nature Republic. The charges are dereliction of duty and embezzlement.

The Seoul Central District Prosecutors‘ Office said Jung misappropriated some 1.8 billion won ($1.55 million) from Nature Republic, and another 9 billion won from an affiliate of the firm between January and February last year.

Jung Un-ho.

Jung also faces charges that he took 3.5 billion won from another affiliate of the cosmetics firm and lent it to a local hotel. The hotel failed to return the money to Jung. Instead, it offered him the right to lease two floors of the hotel, according to the prosecution.

The scandal involving Jung took the nation by storm after it was revealed that the former executive had also lobbied to high-profile politicians, government officials and prominent figures in the judiciary when he was previously convicted of illegal gambling. He had served an 8-month sentence for the charges this year.

(theinvestor@heraldcorp.com)