[Alpha Biz=(Chicago) Reporter Paul Lee] Kim Seok-hwan, chairman of Samchully Bicycle, is under police investigation for raising slush funds.
According to the police on the 4th, the Seoul Metropolitan Police Agency's financial crime investigation team is investigating Chairman Kim on charges of professional malpractice and embezzlement. In September last year, it was belatedly reported that it raided Samchully Bicycle's headquarters in Gangnam, Seoul, its Uiwang plant and affiliates.
Police are investigating allegations that Chairman Kim created slush funds by giving bonuses to employees. Chairman Kim is said to be accused of embezzlement of 10 billion won and breach of trust of 20 billion won.
In addition, the police are investigating one Samchully bicycle executive for his involvement in raising slush funds.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
