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[Alpha Biz=(Chicago) Reporter Kim Jisun] According to industry sources on the 15th, the Suseo Police Station in Seoul is investigating 16 people, including Chairman Choi Jung-woo and internal and external directors, on charges of breach of duty and breach of trust. Some outside directors are accused of breach of trust and of violating the anti-graft law.
POSCO Holdings' board of directors, including Chairman Choi, held a five-night, seven-day board meeting in Canada in August last year to execute about 680 million won. According to the company regulations, the cost of the board of directors must be paid by POSCO Holdings, but it is executed separately by its subsidiaries POSCO and POSCO (a POSCO Canadian corporation), so there is a possibility of breach of trust.
Participants reportedly stayed at luxury hotels during the board meeting, spent about 100 million won per person for super-luxury meals and used chartered flights and more than 100 million won in chartered helicopters to travel between cities.
Regarding the investigation, POSCO Holdings said, "It is difficult to confirm the details because it is under investigation, but we will do it faithfully."
Attention is focusing on whether the police investigation will affect POSCO Group's activities to recommend candidates for the next chairman.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
