July 18, 2016
A senior South Korean prosecutor has been arrested for allegedly pocketing millions of dollars following shady stock transaction deals with a leading online game maker, officials said Monday. Jin Kyung-joon, a vice ministerial-level official, was arrested and put to a detention facility on Sunday, according to the Justice Ministry. He is the most senior-level incumbent prosecutor to be arrested in the country.
Jin faces allegations that he borrowed 400 million won ($352,000) from Kim Jung-ju, the founder of Nexon (Korea) to buy unlisted company shares in 2005 before selling them back to the company for 1 billion won ($881,000) the following year. He then allegedly bought shares of Nexon Japan, worth 1 billion won ($881,000), before selling them for 12.6 billion won ($11 million) last year, four years after the company was listed on the stock market.