Tong Yang Group chairman faces fraud charges

01/28/2014 | Yonhap News Agency (South Korea) (free content)

Tong Yang Group Chairman Hyun Jae-hyun has been indicted on charges related to losses for nearly 40,000 individual investors. South Korean prosecutors allege Hyun committed fraud in the issuance and sale of financial products. "While chairman Hyun was fully aware that bankruptcy was inevitable, he made a choice to issue [commercial paper] and corporate bonds in a fraudulent way instead of choosing to minimize the losses through corporate restructure," said a Seoul Central District Prosecutors Office investigator.

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Yonhap News Agency (South Korea) (free content)

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