S.Korea indicts equity fund head, ex-KAMCO chief


SEOUL, June 30 (Reuters) - South Korean prosecutors indicted the chief of a local private equity fund and the former head of a state restructuring agency on Friday on bribery charges linked to a Hyundai Motor probe, a prosecution official said.

Byeon Yangho, the managing director of Vogo Fund and a former finance ministry official, and Yon Won Young, former president of Korea Asset Management Corp. (KAMCO), are being questioned about their actions in their previous jobs.

The indictments were part of an investigation into a cash-for-favours scandal embroiling the Hyundai Motor group, whose chairman, Chung Mong-koo, was released on $1 million bail on Wednesday, two months after his arrest for alleged embezzlement of company funds.

Byeon was arrested in mid-June, as was Yon last week, and both have been in a detention centre since then.

"We indicted both Byeon and Yon," an official at the Supreme Prosecutors' Office said by telephone.

They are suspected of receiving bribes from the automotive group in return for helping its affiliates, she said.

Byeon denied the allegations, a senior official at the investment fund had said. Yon could not immediately be reached for comment.

Byeon had held the post of director general at the finance ministry during his 27-year career at the ministry. Yon led the state-run KAMCO as president between 2002 and 2004.



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