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The chairman of food and entertainment conglomerate CJ Group was further questioned Tuesday while in prosecution custody over alleged tax evasion and embezzlement, officials said.
Lee Jay-Hyun was jailed at the Seoul Detention Center on the southern outskirts of Seoul Monday shortly after a district court approved the prosecution's request for an arrest warrant for the country's 10th richest man.
The 53-year-old allegedly dodged some 70 billion won ($61.4 million) in taxes through stashing secret funds and misappropriated 100 billion won of corporate money by hiding the funds both at home and abroad through various illegal methods, prosecutors said. Lee is further accused of siphoning off some 60 billion won from CJ CheilJedang, a flagship food affiliate, by inflating prices of raw materials between 1998 and 2005.
Prosecutors said they were questioning Lee over where the illegal money was spent, as part of their efforts to determine the exact size of the secret funds.
The questioning also focused on suspicions that he hid massive assets in overseas accounts to fraudulently purchase shares of his own companies to increase his stakes in CJ Group, they said.
The chairman is accused by the prosecution to have reaped profits by manipulating the stock prices of CJ Corp., the holding company of the group, and CJ Cheiljedang by using undisclosed inside information between 2008 and 2010.
The Seoul Central District Court issued an arrest warrant for the tycoon, saying that his "crimes have been ascertained, and there is reasonable concern that the suspect might attempt to destroy evidence or flee."
"I again apologize for causing the people to worry," the embattled chairman said briefly before leaving for the detention center.
Monday's decision is largely seen as the court's effort to break away from its long judicial track record of handing down light punishments or rejecting arrest warrants for owners of family-run conglomerates, or chaebol in Korean, apparently in recognition of their contribution to the national economy.
It is not unusual for top executives with convictions for crimes including tax evasion and embezzlement to remain in charge of the nation's family-dominated conglomerates.
CJ Group, which covers sectors ranging from pharmaceuticals to entertainment, was part of Samsung Group until 1997. Chairman Lee is the eldest grandson of Samsung founder Lee Byung-chull and the nephew of Lee Kun-hee, the chairman of Samsung Electronics Co. (Yonhap News)
Lee Jay-Hyun was jailed at the Seoul Detention Center on the southern outskirts of Seoul Monday shortly after a district court approved the prosecution's request for an arrest warrant for the country's 10th richest man.
The 53-year-old allegedly dodged some 70 billion won ($61.4 million) in taxes through stashing secret funds and misappropriated 100 billion won of corporate money by hiding the funds both at home and abroad through various illegal methods, prosecutors said. Lee is further accused of siphoning off some 60 billion won from CJ CheilJedang, a flagship food affiliate, by inflating prices of raw materials between 1998 and 2005.
Prosecutors said they were questioning Lee over where the illegal money was spent, as part of their efforts to determine the exact size of the secret funds.
The questioning also focused on suspicions that he hid massive assets in overseas accounts to fraudulently purchase shares of his own companies to increase his stakes in CJ Group, they said.
The chairman is accused by the prosecution to have reaped profits by manipulating the stock prices of CJ Corp., the holding company of the group, and CJ Cheiljedang by using undisclosed inside information between 2008 and 2010.
The Seoul Central District Court issued an arrest warrant for the tycoon, saying that his "crimes have been ascertained, and there is reasonable concern that the suspect might attempt to destroy evidence or flee."
"I again apologize for causing the people to worry," the embattled chairman said briefly before leaving for the detention center.
Monday's decision is largely seen as the court's effort to break away from its long judicial track record of handing down light punishments or rejecting arrest warrants for owners of family-run conglomerates, or chaebol in Korean, apparently in recognition of their contribution to the national economy.
It is not unusual for top executives with convictions for crimes including tax evasion and embezzlement to remain in charge of the nation's family-dominated conglomerates.
CJ Group, which covers sectors ranging from pharmaceuticals to entertainment, was part of Samsung Group until 1997. Chairman Lee is the eldest grandson of Samsung founder Lee Byung-chull and the nephew of Lee Kun-hee, the chairman of Samsung Electronics Co. (Yonhap News)
