Former CEO cleared of bribery charges

Citing a lack of credible testimonies, the Seoul Central District Court yesterday acquitted Min Young-jin, a former CEO of South Korea’s KT&G, on charges of receiving bribes, according to a Yonhap News Agency report relayed by the TMA.

It had been alleged that Young-jin had received about 179 million won (US$156,100) in bribes between 2009 and 2012 from subcontractors, a company official and an international buyer.

The court cleared him also of charges that he offered about 600 million won (US$523,200) in bribes to a government official for business favors.

Young-jin resigned in July 2015, when an investigation into KTG was launched.

Following the court’s decision, Young-jin, who had been in custody since December 2015, was released.