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Hyosung Group chairman to be indicted for embezzlement, breach of trust

( January 24, 2018, 06:02 GMT | Insight) -- The Seoul Central District Prosecutors’ Office has decided to indict the chairman of Hyosung Group, Cho Hyun-joon, for embezzlement and breach of trust, Yonhap News reports.The Seoul Central District Prosecutors’ Office has decided to indict the chairman of Hyosung Group, Cho Hyun-joon, for embezzlement and breach of trust, Yonhap News reports. Cho faces charges of causing financial losses of 17.9 billion won ($16.7 million) for Hyosung by purchasing secondary shares of Galaxia Electronics whose major shareholder is Cho. He is also facing charges of making unfair profits of 1.2 billion won by selling 38 art pieces to a Hyosung affiliate at higher than market prices between 2008 and 2009. In addition, he allegedly paid four actresses a total of 370 million won through the company payroll despite the fact that they were never employed....

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