Police raid KT over alleged breach of trust of Chairman Hwang Chang-gyu
Police raid KT over alleged breach of trust of Chairman Hwang Chang-gyu
  • Lee Jun-sung
  • 승인 2019.07.17 10:57
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Police raided KT headquarters and other offices on July 15 over allegations that KT Chairman Hwang Chang-gyu was involved in a scandal related to illegal appointment of managerial advisers.

Police reportedly sent investigators to the KT office in Gwanghwamun, central Seoul, earlier in the day to secure related data.
Since Rep. Lee Chul-hee unveiled the list of KT's managerial advisers in March, the KT new labor union filed a complaint with the prosecution against Hwang, saying, "We can't help but wonder if they are people who can help KT's management." 

They claim Hwang has spent some 2 billion won in compensation since taking office in 2014 by appointing 14 powerful figures, including former politicians, as management advisers. The complaint reportedly stated Hwang's breach of trust charges.

The labor union also filed a complaint with the prosecution against Hwang for breach of trust in the law on the aggravated punishment of specific economic crimes, raising suspicions over the high-priced takeover of KT's acquisition of N Search Marketing in 2016.

"In 2016, KT and its affiliate Nasmedia bought N Search Marketing for 60 billion won from Hahn & Company," they said. "Before the acquisition, the fair value of N Search Marketing was 17.6 billion won, which is 42.4 billion won higher," it pointed out.

"As a result, Chairman Hwang caused huge losses to KT through outrageous and expensive transactions," he said. Hahn & Company CEO H, which sold N Search Marketing, is the son-in-law of Chosun Ilbo President Bang Sang-hoon.

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