Prosecutors Wednesday requested an arrest warrant for a former vice president of POSCO Engineering & Construction Co. for allegedly embezzling company funds to create a slush fund abroad.
Chung Dong-hwa is suspected of stashing away about 10 billion won (US$9.1 million) in secret reserves when he was the chief executive officer of the company from 2009 to 2012.
Prosecutors suspect he collected rebates from POSCO E&C’s subcontractors, including one that works for its Vietnam operations.
He denied most of the allegations.
A hearing is set for Friday to review the legality of the arrest writ. (Yonhap)
