(ATR) South Korean authorities sought an arrest warrant on Yang Ho Cho, the head of the Hanjin Corporation.
Cho led PyeongChang 2018 from August 2014 until May 2016, when a financial crisis with Hanjin Shipping forced him to step down. During this time PyeongChang 2018 reportedly engaged in sponsorship dealings with the South Korean government that were part of the wide influence peddling scandal that took down President Geun Hye Park. After Cho’s resignation PyeongChang 2018 President Hee Beom Lee said all sponsorship contracts would be renegotiated.
Last month South Korean prosecutors questioned Cho over his reported use of $2.66 million in Hanjin funds to renovate his personal house. According to reports from The Korea Herald authorities sought an arrest warrant amid fears that Cho and his associates would destroy evidence.
"We are surprised at the recent developments and hope that prosecutors will make the right decision," Hanjin Group said in a statement to local media. Requests for comment from Cho’s personal spokesperson were not returned to Around the Rings.
Charges against Cho are for breach of public trust stemming from the embezzlement. As chairman of the Hanjin Group, Cho oversees Korean Airlines, the national airlines of South Korea. During the investigation into Cho, authorities raided Korean Airlines headquarters.
Written by Aaron Bauer
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