[THE INVESTOR] A key suspect in the embezzlement case regarding Hyundai Group’s training center has been arrested and indicted, the Seoul Central District Prosecutors’ Office said on Oct. 11.

The suspect, the chief of a construction company identified by the surname Chung, is alleged to have embezzled 1.9 billion won (US$ 1.69 million) while taking part in the construction of Hyundai Group’s training center in Yangpyeong, Gyeonggi Province, in 2012. Chung was recently arrested after having disappeared in 2013 when the prosecution launched an investigation.

Chung is also known to be a close associate of ISMG Korea’s Hwang Doo-yeon, who had come under suspicion of influencing Hyundai Group’s operations. 

In 2014, Hwang was given a three-year sentence stayed for four years for embezzling 10.1 billion won from his company. At the time, he was also suspected of embezzling 3.9 billion won during the construction of Hyundai Group’s training center.

The investigation was halted after Chung disappeared, but his recent arrest is expected to jump-start the stalled probe.

By Choi He-suk (cheesuk@heraldcorp.com)