0
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.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Categories: General
Companies: KT
Countries: Korea, Republic of
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.






1.1 hour
VOD subscribers watch 1.1 hour of VOD content a day
Netherlands  |  2015Q1