The head of South Korea’s third-largest steelmaker was indicted Thursday over allegations he gambled abroad with millions of dollars he embezzled.
Chang Sae-joo, chairman of Dongkuk Steel Mill Co., is suspected of misappropriating more than 20 billion won ($18 million) from Dongkuk Steel Mill by inflating the prices of raw materials the company purchased from abroad since 2003.
Prosecutors of the Seoul Central Prosecutors’ Office suspect that the 62-year-old used about 8 billion won to gamble in Las Vegas.
Charges include embezzlement, dereliction of duty, illegal gambling and violations of the foreign exchange transaction act.
It is the second time Chang has been arrested on gambling charges. Prosecutors detained him in 1990 for gambling in Macau. (Yonhap)
