Korea Express exec arrested on charges of embezzlement

SEOUL, Sept. 28 (Yonhap) -- The prosecution arrested on Monday the president of
Korea Express, a leading logistics company in South Korea, on charges of
embezzling company funds.

Judge Kwon Ki-hoon of the Seoul Central District Court issued a warrant for the
arrest of Lee Kook-dong, citing concerns that the suspect may destroy evidence
and flee.
In collusion with another company official named Yu, who has been also arrested,
Lee is suspected of misappropriating 8.9 billion won (US$7.4 million) from
company coffers from 2001-2005, when he was the chief of the company's Busan
branch, according to the prosecution.
Prosecutors are investigating whether the funds were used for lobbying
politicians and government officials, although Lee is insisting that he used the
money for company costs, such as operational expenses.
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