Court rejects arrest warrant request for ex-POSCO E&C VP
SEOUL, May 23 (Yonhap) -- A local court on Saturday rejected a prosecution request for an arrest warrant for a former vice president of POSCO Engineering & Construction Co., who allegedly created a slush fund abroad.
The Seoul Central District Court turned down the request made Wednesday to formally arrest Chung Dong-hwa, 64, saying it is difficult to see the necessity in arresting him for an investigation.
Chung is suspected of stashing away about 10 billion won (US$9.1 million) in secret reserves when he was the CEO of the company from 2009 to 2012, prosecutors said earlier.
While Chung denied most of allegations, prosecutors suspect he received rebates from POSCO E&C's subcontractors, including one that works for its Vietnam operations.
colin@yna.co.kr
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