(ATR) After a year-long investigation, former Pyeongchang 2018 bid leader Yang Ho Cho is indicted on charges of embezzlement and breach of trust for his business dealings as chairman of Korean Airlines.
The charges do not involve his work for the 2018 Winter Games. From 2011 to 2018 he was chairman of the successful bid from PyeongChang. Passed over at first to lead the organizing committee, Cho was recruited back as president in 2015. But his tenure was short, forced to resign as the result of intrigue spun by the president of Korea, Geun Hye Park, who would later be impeached.
Prosecutors say that Cho took $17 million in commission from 2003 through 2018 by setting up a company to handle Korean Air purchases of aircraft equipment and merchandise for duty free sales by the airline.
He will face trial on the charges. An investigation of tax evasion has been dropped, due to the expiration of the statute of limitations.
Korean Air says evidence will be presented at the trial in defense of Cho.
The prosecution is backed by Korean President Jae In Moon who promised to attack corporate corruption in his election campaign in 2017.
Last year, Jay Lee, son of one-time IOC member Kun Hee Lee was found guilty of corporate corruption involving Samsung.
Reported by Ed Hula.
Últimas Noticias
Utah’s Olympic venues an integral part of the equation as Salt Lake City seeks a Winter Games encore
IOC president tells Olympic Movement “we will again have safe and secure Olympic Games” in Beijing
Boxing’s place in the Olympics remains in peril as IOC still unhappy with the state of AIBA’s reform efforts
IOC president details Olympic community efforts to get Afghans out of danger after Taliban return to power
North Korea suspended by IOC for failing to participate in Tokyo though its athletes could still take part in Beijing 2022
