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STX Group affiliates sue ex-chairman Kang Duk-soo seeking damages

Collected: 2016.05.31

Distributed: 2016.06.01

Source: Go Direct

[Kang Duk-soo]

STX Corp. and STX Group’s affiliates filed a lawsuit against STX Group’s former head Kang Duk-soo and top management, seeking damages after Kang was found guilty for diverting company funds to illegally support other troubled affiliates.

STX Corp., a former holding company of STX Group, along with the group’s other affiliates filed the suit to the Seoul District Court against Kang and the former chief finance officer surnamed Byun, demanding about 49 billion won ($41 million) in compensation, according to industry sources on Monday. Other affiliates such as STX Heavy Industries Co. and STX Resort Co. are also reportedly seeking 11.3 billion won in damages.

“STX Corp. and other affiliates plan to sue Kang as he was found guilty in a criminal prosecution. If they don’, they could be charged of negligence of duty,” said an unnamed official at STX Corp.

In October last year, the Seoul High Court sentenced Kang to three years in prison and suspended for four years for embezzling 67.6 billion won and funneling 23.1 billion won in company funds to illegally support its struggling affiliates, in particular, STX Construction Co. But Kang was acquitted from accounting frauds due to a lack of evidence.

By Park Yong-beom

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