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An affiliate of local communications giant KT Corp. that is being investigated for large-scale loan fraud by an employee said Wednesday it filed for court receivership as it failed to pay back maturing corporate bonds.
“We failed to pay back commercial paper worth 49.1 billion won ($46 million) due to the tight money situation. We decided to go under court receivership,” said KT ENS, which is affiliated with KT Corp., the country’s No. 2 mobile operator.
The CP is related to overseas project financing loans in Romania, it added.
The company said it tried to get help from its mother company but was turned down.
Seoul police had raided offices of KT ENS last month after one of its employees was found to have illegally taken out some 280 billion won in loans from 16 local banks using forged documents. (Yonhap)
“We failed to pay back commercial paper worth 49.1 billion won ($46 million) due to the tight money situation. We decided to go under court receivership,” said KT ENS, which is affiliated with KT Corp., the country’s No. 2 mobile operator.
The CP is related to overseas project financing loans in Romania, it added.
The company said it tried to get help from its mother company but was turned down.
Seoul police had raided offices of KT ENS last month after one of its employees was found to have illegally taken out some 280 billion won in loans from 16 local banks using forged documents. (Yonhap)
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Articles by Korea Herald
