[Yonhap Photo]
[Yonhap Photo]
A police showroom on the southern island of Geoje shows luxury foreign brand watches worth about one billion won (0.85 million US dollars) kept in Louis Vuitton cases which were seized from the house of a former Daewoo Shipbuilding official arrested this week.
[Yonhap Photo]
Confiscated items included dozens of expensive jewelry items and a bunch of checks as well as US and Korean currencies.
The arrested official has enjoyed a luxurious life with his concubine after embezzling a company fund of some 18 billion won ($15.4 million) from the embattled Daewoo shipyard, which is under a creditor-led restructuring scheme due to snowballing debts.
[Yonhap Photo]
A luxury Swiss-made Vacheron Constantin watch worth some 200 million won ($171,230) is on display at a police showroom. The watch was seized from the house of a former Daewoo shipyard official accused of embezzling a company fund of 18 billion won ($15.4 million).
[Yonhap Photo]
The shipyard of Daewoo Shipbuilding and Marine Engineering, one of South Korea's three top shipbuilders, on the southern island of Geoje shows no vessels under construction. State auditors have revealed a massive accounting fraud by former Daewoo officials.
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Aju News Lim Chang-won = cwlim34@ajunews.com
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Park Sae-jin
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