Pastor indicted for allegedly causing huge losses to church

Global Post-Yonhap News Agency/June 9, 2013

Seoul - A noted pastor has been indicted on charges of breach of duty and tax evasion, prosecutors said Saturday.

Cho Yong-gi, the founder and pastor emeritus of Yoido Full Gospel Church in Seoul, is suspected of causing 15.7 billion won (US$14 million) worth of losses to the church by instructing church officials to buy stocks privately owned by his eldest son Hee-jun at prices four times higher than market value in 2002, they said.

The pastor is also accused of evading 3.5 billion won in taxes in the process.

Prosecutors indicted the son and former chairman of the daily newspaper Kookmin Ilbo on embezzlement charges in December.

After investigating him, prosecutors said the pastor is an accomplice in the alleged crime.

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