KT CEO resigns facing arrest warrant

KT CEO Nam Joong-soo resigned yesterday, after learning he was facing arrest over bribery allegations.

A South Korean court yesterday issued an arrest warrant for the former executive.

It is alleged that Nam took bribes from executives at prominent KT affiliates in exchange for preferential treatment during the selection of personnel and subcontractors.

Nam is believed to have received around 300 million won ($236,000) under-the-table, which he requested be deposited into the account of his wife's friend.

One of the executives accused of offering bribes, former KTF CEO Cho Young-chu, stepped down in September.

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