Former KT Chief pleads not guilty to bribery charges

16 Dec 2008

Former KT CEO Nam Joong-Soo yesterday pleaded not guilty to the bribery charges that have been levelled against him by South Korean prosecutors.

Nam told the court he was 'deeply ashamed' of his decision to accept money from former KTF chief Cho Young-joo, AsiaPulse has reported.

But he insisted the money was for business purposes, and was not meant to be bribery for any favour.

Nam was questioned then arrested in November, on accusations he took in 300 million won ($220,000) in kickbacks from subsidiary KTF and various affiliates in exchange for preferential treatment during the selection of personnel and subcontractors.

Nam resigned upon learning he was facing arrest. Cho also resigned, and is facing court over his own kickback charges.

KT has since appointed former information and communications minister Lee Suk-chae to replace Nam.

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