Korean executive gambles company money – again

The head of South Korea’s third-largest steel maker will be summoned later this week over the alleged embezzlement of company funds, prosecutors said yesterday.
Chang Sae-joo, the chairman of Dongkuk Steel, is suspected of misappropriating about 20 billion won (USD18 million) by inflating the prices of raw materials the company purchased from abroad, the Seoul Central District Prosecutors’ Office said.
According to Yonhap news agency, prosecutors have gathered intelligence from U.S. law enforcement authorities that Chang used the slush fund to gamble in Las Vegas, Nevada, and made billions of won, a prosecutor said. The official added that Chang will be summoned today.
It is the second time that Chang has faced a gambling charge. He was arrested by South Korean authorities in 1990 for gambling in Macau.