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KE CEO arrested on misappropriation of company funds.

Posted: Mon Oct 16, 2017 4:33 pm
by LAXintl
Police issued an arrest warrant for the chief of Korea's top airline Monday for his alleged misappropriation of company funds.
Cho Yang-ho, CEO of Korean Air Lines and chairman of Hanjin Group, is under investigation over suspicion that he siphoned off 3 billion won ($2.65 million) from company coffers to pay for the remodeling of his house in central Seoul between May 2013 and August 2014.
He faces charges of breach of trust. When he was questioned last month, he denied any wrongdoing, saying he had no knowledge of the misappropriation.

http://english.yonhapnews.co.kr/nationa ... 51315.html

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Another high profile chaebol executive caught up in financial hanky panky

Re: KE CEO arrested on misappropriation of company funds.

Posted: Mon Oct 16, 2017 5:48 pm
by Dominion301
This time, assuming the allegations are true, was a lot more covert than nut rage: http://www.bbc.com/news/world-asia-32840725

From what I understand, this time it's Dad in hot water.

Cho, also known as Cho Hyun-ah, was a vice-president of Korean Air. She is also the daughter of the company's chairman.


Apple doesn't fall too far from the tree.

Can't fault KE too much though...they are a CSeries customer. :duck:

Re: KE CEO arrested on misappropriation of company funds.

Posted: Mon Oct 16, 2017 6:45 pm
by mercure1
Korean law enforcement seems to be quite busy these days rooting out corruption in the nations chaebols.

Re: KE CEO arrested on misappropriation of company funds.

Posted: Mon Oct 16, 2017 6:53 pm
by ikolkyo
I’ll never undestand why already high paid CEOs do this garbage.

Re: KE CEO arrested on misappropriation of company funds.

Posted: Mon Oct 16, 2017 7:00 pm
by bzcat
mercure1 wrote:
Korean law enforcement seems to be quite busy these days rooting out corruption in the nations chaebols.


The new liberal govt is not as sympathetic to corporate malfeasance as the previous right wing govt

Re: KE CEO arrested on misappropriation of company funds.

Posted: Mon Oct 16, 2017 8:34 pm
by Polot
ikolkyo wrote:
I’ll never undestand why already high paid CEOs do this garbage.

It wouldn't surprise me if this kind of thing was common for decades in chaebols and expected as a perk of the job. Attitudes towards it in South Korea are changing however.

Re: KE CEO arrested on misappropriation of company funds.

Posted: Tue Oct 17, 2017 9:57 am
by VolvoBus
Polot wrote:
ikolkyo wrote:
I’ll never undestand why already high paid CEOs do this garbage.

It wouldn't surprise me if this kind of thing was common for decades in chaebols and expected as a perk of the job. Attitudes towards it in South Korea are changing however.


While not trying to pretend that this doesn't happen elsewhere, I wonder whether this is part of a number of Asian economies 'growing up'. They are dominated by a handful of conglomerates that are essentially family controlled. Because of the speed of their growth,they are run 'hands on' by the early generations, who regard them in much the same way as a sole trader, that the company's money is theirs. Also, I suspect that external corporate oversight is less developed than elsewhere.

Re: KE CEO arrested on misappropriation of company funds.

Posted: Wed Oct 18, 2017 1:27 pm
by mabadia71
The Seoul District Prosecutor's Office has denied the request for arrest of the KE CEO, and former Chairman of ill fated korean shipping company, Haijin Shipping.
http://worldmaritimenews.com/archives/232731/update-request-for-arrest-of-hanjin-groups-chair-denied/

Re: KE CEO arrested on misappropriation of company funds.

Posted: Wed Oct 18, 2017 1:48 pm
by jnev3289
How do you spend $2.65 million just on "renovations"? You could buy a ridiculously nice house for that amount of money

Re: KE CEO arrested on misappropriation of company funds.

Posted: Wed Oct 18, 2017 3:14 pm
by LAX772LR
ikolkyo wrote:
I’ll never undestand why already high paid CEOs do this garbage.

Because for people with that mentality, it's not about the having, it's about the getting. That's why the world is never enough.


jnev3289 wrote:
How do you spend $2.65 million just on "renovations"? You could buy a ridiculously nice house for that amount of money

Pretty sure that your idea of a "ridiculously nice house" and his, are quite different....

Heck, that kind of disparity can even be seen in the upper middle class:
you ask someone in SFO what their idea of a $2million house is, versus someone in the likes of BTR (where you can get a 4 bedroom new-build, pool, and a quarter acre of land for less than $300K), and you're going to receive two VASTLY different answers.

Re: KE CEO arrested on misappropriation of company funds.

Posted: Wed Oct 18, 2017 3:40 pm
by jnev3289
LAX772LR wrote:
ikolkyo wrote:
I’ll never undestand why already high paid CEOs do this garbage.

Because for people with that mentality, it's not about the having, it's about the getting. That's why the world is never enough.


jnev3289 wrote:
How do you spend $2.65 million just on "renovations"? You could buy a ridiculously nice house for that amount of money

Pretty sure that your idea of a "ridiculously nice house" and his, are quite different....

Heck, that kind of disparity can even be seen in the upper middle class:
you ask someone in SFO what their idea of a $2million house is, versus someone in the likes of BTR (where you can get a 4 bedroom new-build, pool, and a quarter acre of land for less than $300K), and you're going to receive two VASTLY different answers.

Fair enough, but even then there is a tipping point. Even in San Francisco, the most expensive house on Zillow is $14 million. most of the price of these houses is the land value anyways. Building structures isn't really all that expensive relatively.

Re: KE CEO arrested on misappropriation of company funds.

Posted: Wed Oct 18, 2017 5:35 pm
by F27500
Hmm another shady Korean ?

Re: KE CEO arrested on misappropriation of company funds.

Posted: Thu Oct 19, 2017 5:56 am
by LAX772LR
jnev3289 wrote:
LAX772LR wrote:
jnev3289 wrote:
How do you spend $2.65 million just on "renovations"? You could buy a ridiculously nice house for that amount of money

Pretty sure that your idea of a "ridiculously nice house" and his, are quite different....

Heck, that kind of disparity can even be seen in the upper middle class:
you ask someone in SFO what their idea of a $2million house is, versus someone in the likes of BTR (where you can get a 4 bedroom new-build, pool, and a quarter acre of land for less than $300K), and you're going to receive two VASTLY different answers.

Fair enough, but even then there is a tipping point. Even in San Francisco, the most expensive house on Zillow is $14 million. most of the price of these houses is the land value anyways. Building structures isn't really all that expensive relatively.

Sure, but how do you know that his "renovations" didn't require additional land acquisition? That'd be the first question to come to mind.

Sticking with the above hypothetical: you can add a large poolside guesthouse in BTR for $20-30K, whereas you could easily spend a million+ adding the exact same structure in SFO.

Re: KE CEO arrested on misappropriation of company funds.

Posted: Wed Nov 29, 2017 10:24 am
by Aesma
A structure might not be expensive, but a structure filled with the nicest materials like marble, rare woods, designer furniture, high technology (giant OLED screens), that can get expensive quick.

Or maybe digging a large extension under the garden like is done in London.

Re: KE CEO arrested on misappropriation of company funds.

Posted: Wed Nov 29, 2017 10:26 am
by Slash787
ikolkyo wrote:
I’ll never undestand why already high paid CEOs do this garbage.


They are much more greedy, which is sad.

Re: KE CEO arrested on misappropriation of company funds.

Posted: Wed Nov 29, 2017 1:02 pm
by ikramerica
Slash787 wrote:
ikolkyo wrote:
I’ll never undestand why already high paid CEOs do this garbage.


They are much more greedy, which is sad.

The same reason highly paid Hollywood execs demand freebies from everyone and order their assistants to pirate $200 software rather than pay for it. Greed and entitlement.

Re: KE CEO arrested on misappropriation of company funds.

Posted: Wed Nov 29, 2017 1:06 pm
by AASAP777
Is he Princess Peanut's dad?

Re: KE CEO arrested on misappropriation of company funds.

Posted: Wed Nov 29, 2017 2:26 pm
by Slash787
AASAP777 wrote:
Is he Princess Peanut's dad?


Yeah, like father like daughter