Head of Hyosung Corp. indicted for allegedly violating forex rules

SEOUL, Dec. 30 (Yonhap) -- The president of Hyosung Corp., a South Korean
chemicals and trading company, was indicted Wednesday for allegedly violating
foreign exchange rules in a foreign property deal, prosecutors said Wednesday.
Hyosung Corp. President Cho Hyun-joon was formally charged, but not arrested,
over allegations that he violated the Foreign Exchange Control Law when he
purchased parts of luxury houses in San Diego of the United States for US$850,000
in early 2007, according to the Seoul Central Prosecutors' Office.
Cho violated the law because he didn't report the outflow of the money for the
deal to the authorities, prosecutors said.
The indictment was announced before the statute of limitations expires on the
case Jan. 9 next year, a prosecution official said.
"Investigation into other allegations surrounding Cho wasn't completed yet, and
we are still figuring out those allegations," the official said.
(END)