Police are investigating 12 board members and four executives of Posco Holdings on charges of occupational breach of trust over allegations that they had subsidiaries partially pay for a lavish five-night-seven-day trip to Canada in August last year. Some of them, including outside directors who are professors, are also suspected of violating the law on improper solicitation and graft. Citing a complaint filed with t.
Police are investigating 12 board members and four executives of Posco Holdings on charges of occupational breach of trust over allegations that they had subsidiaries partially pay for a lavish five-night-seven-day trip to Canada in August last year. Some of them, including outside directors who are professors, are also suspected of violating the law on improper solicitation and graft. Citing a complaint filed with t.
The outgoing POSCO Group chairman and nonexecutive directors of the steelmaker’s holding company are under investigation, due to a seven-day trip to Canada they took last August, which cost 680 million won ($517,000), according to the police and the company, Friday.
Police have booked the CEO of Korean steel titan POSCO and a dozen other board members for investigations on charges of having subsidiary firms shoulder their overseas board meeting expenses worth some 700 million won ($531,672).
Posco International, the trading arm of Posco Group, announced Sunday that bolstering its global presence in its main business areas, from renewable energy to electric vehicle parts, will be the key to the company’s business strategy for this year. The company will aggressively expand global production facilities and establish a value chain through partnerships with foreign firms to spur growth in 2024, it said.