The head of South Korean telco KT Corp, Lee Suk Chae, has offered to resign following corruption allegations made against him, according to multiple reports.
Last week, state prosecutors reportedly raided KT’s offices. Shortly after, Lee told…
The head of South Korean telco KT Corp, Lee Suk Chae, has offered to resign following corruption allegations made against him, according to multiple reports.
Last week, state prosecutors reportedly raided KT’s offices. Shortly after, Lee told employees in an email that he would resign as soon as the board appoints a successor, so as not to impact the company’s reputation. He however denies the allegations.
The KT PR team was not immediately available for comment while the IR team declined to comment.
The probe was launched after a South Korean civic group, People’s Solidarity for Participatory Democracy, reportedly filed charges against the CEO, who is also chairman, in February and October this year. The group alleges that Lee has made poor investments decisions and sold some of KT’s properties too cheaply, therefore causing W87bn (US$81.8m) in losses to the operator.
In recent months, KT has been looking to make several acquisitions, principally in Africa, as it struggles to grow further in its saturated home market.
