SoftBank Launches $11 Billion Bond Sale to Fund OpenAI Investment 
SpaceX Nasdaq 100 Weight to More Than Double in Rebalance 
Telix to Acquire Germany’s ITM in $1.65 Billion Radiopharma Deal 
Paramount-Warner Bros $110 Billion Deal Draws Antitrust Backlash 
Trump Bans CNN, MS NOW and Politico From White House 
Volkswagen Shares Slide After 2026 Profit Outlook Cut 
US Federal Register Drops Alibaba Qwen AI Search Tool 
Hyundai CEO Warns Chinese Automakers Could Disrupt US Market 
Petrobras Joins Brazil Diesel Subsidy Program 
Prysmian, Rio Tinto Supply Low-Carbon Cables for Amazon Ohio Data Center 
fnny Beta Launches With a Simple Idea: Find an Event, Show Up, Get Rewarded 
US Northeast Airports Resume Operations After Telecom Outage Disrupts Thousands of Flights 
Meta Partners With Shopify to Bring Shop Pay Checkout to Muse AI 
OpenAI Urges US-Led Global Standards for Frontier AI 
Westinghouse Targets $50 Billion Valuation in U.S. IPO 
Add as a preferred source on Google
SK Network is facing troubles after the court granted the prosecutor’s request for an arrest warrant for its chairman, Choi Shin Won. The company head may be arrested any time over the allegation of having a slush fund.
SK chief facing arrest for embezzlement
The Korea Times reported that the arrest warrant was issued on Feb. 17, and this is in connection with the Seoul Central District Prosecutors Office’s anti-corruption unit’s investigation on the SK Network's chairman’s possible corruption practice.
The authorities may charge Choi Shin Won for breach of trust due to his setting up of illegal fund account and corruption. The probe on the suspected slush fund started when in 2018, the Korea Financial Intelligence Unit (KoFIU) that operates under the Financial Services Commission (FSC) noticed highly suspicious cash flows at SK Networks amounting to KRW20 billion or about $18.3 million.
As the probe continues, the prosecution moved to speed up the investigation by conducting raids at SK Networks branches and headquarters, including SK Telesys and SKC offices. Choi Shin Won’s residence and the local tax office were also checked in October to obtain evidence that will give credence to the allegations thrown against the businessman.
In any case, Choi was questioned by the investigators last month, and it reportedly lasted for over 12 hours. He was also questioned for his possible involvement in stock manipulation offense. The prosecutors also think that more than KRW20 billion is involved in this case.
Prosecutors’ request for the arrest warrant
The 68-year-old accused is the son of SK Group founder Chey Jong Gun, and he previously worked as the chairman of the chemical manufacturing company, SKC, from 2000 to 2015. Choi Shin Won chaired the SK Networks since 2016.
South Korea’s Pulse News reported that the prosecutors were trying to secure an arrest warrant for the SK Network’s chief early this week. The Anti-Corruption Investigation Department of the SCDPO made this request for Choi's potential violation related to the Act on the Aggravated Punishment and more.
Meanwhile, in response to the court's decision to grant the arrest warrant for Choi, SK Networks stated that it would do its best and exert utmost efforts to prevent chaos in the management amid the growing uncertainties surrounding the company’s business environment.
