South Korea-based KT Corp said the company's Chief Executive Officer Lee Suk Chae had offered to quit his post. The resignation offer was tendered after prosecutors conducted a raid on the company's headquarters and his home. KT Corp is the second biggest mobile operator in South Korea.
In an emailed statement to Bloomberg, KT Corp said the company's board of directors would decide on Lee Suk Chae's resignation date. The board would also need to find a successor to Lee who also served as the Chairman of the mobile carrier.
Last month, prosecutors held a raid on KT Corp's headquarters and Chae's home. The raids were part of the allegations that the firm's losses were due to bad investments and asset sales. People's Solidarity for Participatory Democracy filed a case against Chae in February this year. The South Korean civic group said the company incurred losses of up to KRW 80 billion or USD 75 million because Lee sold the company at a very cheap price.
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