A former head of Hanjin Shipping Co. was summoned by prosecutors Wednesday over suspicions she illegally sold company stock after obtaining insider information to avoid losses.
Choi Eun-young appeared before the Seoul Southern District Prosecutors' Office as a suspect on charges of violating the Financial Investment Services and Capital Markets Act.
Choi Eun-young (Yonhap)
"I will fully cooperate with the investigation," she told reporters before entering the office.
The 54-year-old and her two daughters are suspected of selling stocks of the financially troubled Hanjin Shipping in April of this year after obtaining information that the company will go through a creditor-led debt restructuring.
The controversial stock sale was completed a few days before Hanjin Shipping, long troubled by an industry slump and ballooning losses, decided to apply for a creditor-led debt revamp and a self-rescue program.
Currently, Choi is the chairwoman of Eusu Holdings Co. that separated from Hanjin Group in May 2015. (Yonhap)