February 05, 2023
News

ROK police arrest ex-underwear boss for alleged business deal with North Korea

Prosecutors say Kim Seong-tae orchestrated transfer of some $6.4 million to DPRK in exchange for exclusive mining rights

South Korean authorities arrested the former CEO of an underwear company and business conglomerate on Tuesday on allegations that he conducted illegal business dealings with North Korea, after the man spent months overseas on the run.

Kim Seong-tae, the ex-chief of Ssangbangwool, is under investigation for illegal cash transfers to North Korean officials back in 2018, among other charges, the Suwon District Prosecutors' Office told NK News.