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General

KT unit embroiled in loan fraud scandal

Tuesday 11 February 2014 | 01:12 CET | News
A subsidiary of South Korean communications provider KT is being investigated over loan fraud. The Seoul Metropolitan Police Agency has arrested one employee of network integration subsidiary KT ENS on suspicions he was illegally aiding subcontractors as they took out around KRW 280 billion in bank loans, in return for bribes. The banks involved are calling for KT ENS, and possibly KT, to be held responsible as documents with the official company stamp were used to qualify for the loans. KT ENS denies any responsibility and claims the crime was the result of personal misconduct by the

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