KSOC President Yoo Seung-min Under Police Investigation for Receiving Incentives Under a Borrowed Name

[Financial News] The police are investigating Yoo Seung-min, President of the Korean Sport & Olympic Committee (KSOC), for allegedly receiving sponsorship incentives under a borrowed name during his tenure as President of the Korea Table Tennis Association.
On the 28th, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency (SMPA) received a case filed by the Korean Alliance for Sports Civic Movement and others, who accused Yoo of breach of duty and other charges in July. The SMPA has booked Yoo and is currently investigating him. The civic groups claim that, while serving as association president, Yoo authorized incentive payments based on an invalid regulation, causing financial loss to the association.
The incentive system in question was introduced by the Korea Table Tennis Association in 2021. It allowed 10% of sponsorship funds raised by individuals or companies to be paid as incentives. It is reported that Mr. A, the CEO of Yoo's affiliated company and his younger brother, received about 200 million won as incentives.
The police suspect that Yoo may have collected the incentives under Mr. A's name and are analyzing related documents. Once the investigation is complete, they plan to summon Yoo for questioning.
425_sama@fnnews.com Choi Seung-han Reporter