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General

KT CEO resigns

Monday 4 November 2013 | 09:15 CET | News
Lee Suk Chae, the CEO of Korean operator KT, has offered to resign after prosecutors raided the company's headquarters and his home. The board will soon decide the resignation date and discuss a successor to Lee, who also held the role of chairman, Bloomberg reports. Prosecutors raided KT's headquarters and Lee's home last month following allegations the company incurred losses on asset divestments and bad investments. People's Solidarity for Participatory Democracy, a South Korean civic group, filed a lawsuit against the chairman in February, alleging Lee caused about KRW 80 billion (USD 75 million) of losses to the company by selling property too cheaply. KT didn't sell assets at low prices, Kim Dong Woo, a spokesman for the company, said.

Categories: General
Companies: KT
Countries: Korea, Republic of
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