Senior S. Korean prosecutor indicted on corruption charges

Author(s): Associated Press | Date: July 29, 2016 | Language: English
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South Korean prosecutors on Friday indicted a fellow senior prosecutor for allegedly pocketing millions of dollars from shady stock transaction deals with an online game maker.

Jin Kyung-joon, who holds a rank of vice minister, faces charges including bribery and violating the law on financial transactions, prosecutor Lee Keum-ro announced in a televised news conference. Jin became the most senior prosecutor to be arrested last week.

Corruption scandals involving high-profile figures routinely take place in South Korea, one of Asia’s leading economies that became a liberal democracy in the late 1980s after decades of dictatorships.

Jin allegedly took 420 million won ($374,830) from the founder of Nexon and bought unlisted company shares before selling them back to the company at a much higher price. Prosecutors accused Lee of using the profits to purchase shares of Nexon Japan and sold them again for 12.6 billion won ($11 million) last year.

Jin also allegedly received a luxury sedan and 50 million won ($44,620) for personal travel expenses from Nexon.

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