Senior S. Korean prosecutor arrested for alleged corruption
SEOUL, Korea, Republic Of – A senior South Korean prosecutor has been arrested for allegedly pocketing millions of dollars following shady stock transaction deals with a leading online game maker.
The Justice Ministry said Monday that Jin Kyung-joon, a vice ministerial-level official, was arrested and put to a detention facility on Sunday. He is the most senior-level prosecutor to be arrested in the country.
South Korea, a vibrant, liberal democracy, is one of the leading economies in Asia, but high-profile corruption scandals still routinely take place.
Jin faces allegations that he bought unlisted Nexon shares with the money he borrowed from the company in 2005 before selling them back to Nexon at a much higher price.
He also allegedly made about $11 million of profits from a sale of Nexon Japan shares.
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