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(Seoul = Yonhap News) Reporter Jang Bo-in = The former CEO of Tongyang Life Insurance, who is suspected of causing a loss of 2 billion won to the company in the process of acquiring the right to operate a tennis court, was handed over to the prosecution.
The Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency announced on the 2nd that it had sent Taiwanese former CEO Zhou Guodan to the prosecution without detention at the end of last month on charges of breach of trust and embezzlement.
Former CEO Zhou is accused of causing a loss of approximately 2 billion won to the company by signing a contract with Company A under unfavorable conditions in order to acquire the right to operate the Jangchung Tennis Center in Jung-gu, Seoul.
Previously, the Financial Supervisory Service detected circumstances in which Tongyang Life Insurance, acting as the actual operator of the Jangchung Tennis Club, acquired the operating rights under conditions unfavorable to the company, and notified the police last year.
According to the police and the Financial Supervisory Service, Company A, which operates a sports club, won the bid for the right to operate the Jangchung Tennis Center in 2022.
Company A won the bid for the right to operate the tennis court for 2.66 billion won, where the previous bid was 370 million won, and Tongyang Life Insurance decided to preserve 2.7 billion won for three years in the name of advertising costs to Company A. In addition, 160 million won in labor and management expenses was paid in the name of advertising agency fees.
Considering the terms of this contract, the Financial Supervisory Service and the police concluded that the actual operator of the tennis court was Tongyang Life Insurance.
When Tongyang Life Insurance failed to meet the operator qualification requirements, such as ‘tennis court operation performance within the past 5 years’, former CEO Zhou put forward Company A to receive a ‘circumvention bid’ and compensated for the winning bid amount in the form of advertising expenses, causing losses to the company. It is said that it was caused.
Tongyang Life Insurance explained that it promoted the operation of a tennis court as one of its health care services using tennis, but some raised suspicions that this may have reflected the hobby of former CEO Zhou, who is known as a tennis enthusiast.
