TOP EXECUTIVE OF PAN OCEAN SHIPPING CHARGED
South Korean prosecutors formally charged
the chief executive of Pan Ocean Shipping Company, the
country's largest shipping firm, with alleged financial
offences.
    A statement from the prosecutors' office said charges of
illegal capital movement, violation of foreign exchange laws
and tax evasion were laid against Hahn Sang-yon, president of
the hugely indebted company whose chairman, Park Ken-sek, fell
to his death a week ago.
    Prosecutors said that over the past six years Hahn and Park
illegally sent abroad more than 15 mln dlrs.
    The prosecutors said that the two executives used more than
2.7 mln dlrs of the diverted funds to acquire U.S. Real estate.
The Office of National Tax Administration has sent banking
experts to the United States to investigate.
    Park plunged to his death from his 10th floor office window
on April 19.
    Finance Minister Chung In-young last week ordered the
state-owned Korea Exchange Bank to take over Pan Ocean,
burdened by debts of more than 1,000 billion won.
 REUTER
