See More on Facebook

Curiosity, Economics

Korean Air chief indicted for embezzlement, breach of trust

Hanjin Group and Korean Air Lines Chairman Cho Yang-ho was indicted for embezzlement, breach of trust and other charges on Monday without detention.


Written by

Updated: October 15, 2018

The prosecution announced the result of its five-month probe into the 69-year-old business mogul, the father of the woman who was jailed in the notorious “nut rage” case.

Cho is suspected of causing 19.6 billion won ($17.3 million) in losses to the airline by having it pay commissions on purchases of flight equipment and tax-free goods to intermediary companies owned by his family from 2013 to May 2018, the prosecution said.

He was also found to have inflicted 4.1 billion won losses on a group affiliate by having it to buy company shares owned by his three children under unfair terms in 2014. The prosecution also said the company paid 2 billion won in wages to Cho’s mother and three acquaintances, who were not hired by the company, from 2009 to August 2018.

In addition, the chairman is accused of embezzling 1.7 billion won by using company funds to pay legal fees in cases involving him in 2015 and his daughter in 2014.

He was also found to have operated a pharmacy without certificates from 2010 to 2014 and have illegally taken 152 billion won from the state health insurance agency in medical care benefits.

But prosecutors did not charge him with evasion of inheritance taxes worth some 61 billion won over foreign assets because the statute of limitations had expired.

Cho’s family has been in trouble following revelations earlier this year that Cho’s wife and two daughters used physical and verbal violence against company staff and other people under their influence. His wife and the daughters have also undergone investigations.

Meanwhile, his youngest daughter, Hyun-min, a former executive of Korean Air, avoided charges of assaulting an ad agency official.

She has been under investigation over allegations that she threw a glass of water at an advertising company official during a business meeting in March as she was upset after the manager failed to answer her questions properly.

Hyun-min is the younger sister of Hyun-ah, who gained notoriety for the nut rage incident in 2014. She forced a plane back to the boarding gate at New York’s John F. Kennedy International Airport because she was upset with the way her nuts were served — in an unopened bag instead of on a plate.



Enjoyed this story? Share it.


The Korea Herald
About the Author: The Korea Herald is the nation’s largest English-language daily and the country’s sole member of the Asia News Network.

Eastern Briefings

All you need to know about Asia


Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.



By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Curiosity, Economics

China-US trade deal bullish news for both countries, rest of world

From Chinese state media. State Councilor and Foreign Minister Wang Yi said Saturday that the China-US deal on the text of a phase-one economic and trade agreement serves as bullish news for both countries and the rest of the world. Speaking at a joint press conference with Slovenian Deputy Prime Minister and Foreign Minister Miro Cerar, Wang said China has, as always, been opposed to settling economic and trade disputes by imposing tariffs as there is no winner in a trade war. China has also rejected the use of unilateral pressure as it violates the rules of the World Trade Organization (WTO), said Wang. He pointed out that following rounds of back-and-forth negotiations, China and the United States have agreed on the wording of a phase-one economic and trade agreement, and the US side has promised to phase out additional tariffs on Chinese products. The agreement demonstrates the spirit


By China Daily
December 16, 2019

Curiosity, Economics

China, US in constant touch to resolve trade issues

China and the United States are in constant touch to resolve pending trade and economic issues, the Ministry of Commerce said on Thursday. The comment came ahead of Sunday’s US deadline for another scheduled round of tariff increases on Chinese imports worth almost $160 billion. If a trade deal is not struck by Sunday, computer monitors and toys will be among the Chinese export items likely to be affected. Gao Feng, a ministry spokesman, said the Customs Tariff Commission of the State Council has already worked out tariff exemptions on some soybean, pork and other products shipped from the US — the latest sign of tensions easing in the protracted trade conflict. The US seems to resort to brinkmanship by using a tariff deadline to pressure China in the ongoing trade talks for a phase one, preliminary deal, said Chen Wenling, chief economist at the China Center for International Economic Exchanges


By China Daily
December 13, 2019

Curiosity, Economics

Taiwan among top 10 study destinations for U.S. students

Thailand and Singapore among other Asian destinations. China welcomed the highest number of U.S. students last year, followed by Japan and India in second and third places, respectively, according to a recent survey about exchange students in Asia. South Korea, Thailand, Hong Kong, Vietnam, Singapore, Taiwan, and Indonesia rounded up the top 10 list of the most popular Asian countries among U.S. students. According to AsiaExchange, “The high level of education, low exposure to crime, economic freedom and good healthcare system are a few examples of why Taiwan is ranked 2nd on the annual Global Peace Index.” It’s also very safe to live in Taiwan, as crime rates are low, the Website stressed, noting that Taiwan’s focus on human rights, gender equality and freedom of speech has made it a top destination for education. Taiwan, whose institutions are strong and reliable, has remained la


By Cod Satrusayang
December 12, 2019

Curiosity, Economics

Report: US officials lied about Afghanistan

Civilian, military officials misled public for nearly two decades about status of war, Washington Post review of documents finds. For nearly two decades, senior US civilian and military officials didn’t tell the truth about the war in Afghanistan, The Washington Post reported on Monday after reviewing more than 2,000 pages of government documents. The officials made pronouncements they knew to be false and hid evidence that the war had become unwinnable, the newspaper said interviews with those officials show. John Sopko, the head of the federal agency that conducted the interviews, acknowledged to the Post that the documents show “the American people have constantly been lied to”. The newspaper said that two major claims in the documents are that US officials manipulated statistics to suggest to the American public that the war was being won and that successive


By China Daily
December 11, 2019

Curiosity, Economics

7 of 10 Filipinos worried by presence of Chinese workers

China has increased its presence in the archipelago. The rising presence of Chinese workers in the country worry seven out of 10 adult Filipinos, according to the latest Social Weather Stations (SWS) survey, as the government recently launched a crackdown against Philippine offshore gaming operators (Pogos) which mostly employ Chinese nationals. The noncommissioned survey, conducted from Sept. 27 to 30, found that 31 percent “worried a great deal,” while 39 percent are “somewhat worried.” Highest in Metro Manila The proportion of those who were worried about the increasing number of Chinese workers in the country was highest in Metro Manila at 75 percent, followed by the Visayas at 71 percent, Luzon outside Metro Manila (69 percent) and Mindanao (67 percent.) About half of the respondents agree that the rising number of Chinese workers is a threat to national secur


By Philippine Daily Inquirer
December 6, 2019

Curiosity, Economics

Pakistan to launch Digital Pakistan Vision

Imran hopes to unleash ‘potential of youth and women’ with new venture. Prime Minister Imran Khan on Thursday said that with the introduction of the ‘Digital Pakistan Vision’, the full potential of the contribution of youth and the women to the economy will be unleashed. According to a press release from the Prime Minister Office: “The Vision sets Pakistan’s digital ambition and has been designed for the government and the private sector to work towards a digitally progressive and inclusive Pakistan.” Speaking at the launch ceremony of the initiative, the prime minister regretted not having launched it at the very beginning when his government was formed. “I should have given attention to Digital Pakistan earlier. This is the most important thing for Pakistan right now, especially its youth. The whole world is moving forward digitally and we have been l


By Dawn
December 6, 2019