Ex-head of Tokyo Shogin branch indicted over embezzlement.TOKYO, Sept. 25 Kyodo
Prosecutors on Tuesday indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. the former head of a branch of Tokyo Shogin, the failed credit union serving mainly pro-Seoul Korean residents in Japan, on charges of embezzling more than 100 million yen.
Choi Jin Myong, 50, who headed Tokyo Shogin's Ikebukuro branch, is charged with embezzling 101 million yen between January 1998 and March 2001.
The Tokyo District Public Prosecutors Office said he embezzled em·bez·zle
tr.v. em·bez·zled, em·bez·zling, em·bez·zles
To take (money, for example) for one's own use in violation of a trust. the money by canceling savings accounts Savings Account
A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates.
Notes: of clients without their approval and withdrawing money from the credit union, falsely claiming it would be used for money exchange at pachinko pa·chin·ko
A Japanese gambling game played on a vertical pinball machine.
Noun 1. parlors.
The accused, whose Japanese name is Tatsuaki Sai See Statement of Additional Information. , had allegedly borrowed some 10 million yen from a consumer credit company around 1992 to assist a client company which was about to dishonor To refuse to accept or pay a draft or to pay a promissory note when duly presented. An instrument is dishonored when a necessary or optional presentment is made and due acceptance or payment is refused, or cannot be obtained within the prescribed time, or in case of bank collections, bills.
Investigators believe Choi repeatedly misused the credit union funds in order to repay the debt. They also suspect that the accused invested the embezzled money in futures trading and used it for living expenses.
Kim Song Jung, 52, a former head of the Tokyo Shogin, was also arrested last week on suspicion of embezzling about 90 million yen from the union.
He is also suspected of playing a role in extending a massive amount of unlawful loans to a group of companies in Tokyo.
The Tokyo Shogin was the second-largest pro-Seoul Korean credit union in Japan, next to Osaka's Kansai Kogin. Along with Kansai Kogin, Tokyo Shogin folded in December last year because its liabilities exceeded assets.