The chief executive of Moneual, a small-sized home appliance manufacturer that abruptly declared bankruptcy earlier this month, was accused Friday of dodging taxes and operating slush funds through a paper company overseas, using the money for personal luxuries.
The Korea Customs Service (KCS) said Park Hong-seok, the founder of the company, is suspected of accumulating some 44.6 billion won (US$421.8 million) in secret funds through a paper company established in Hong Kong.