2024-01-13 00:01:16
Graphics = Lee Cheol-won
While POSCO Group Chairman Choi Jeong-woo (67) and all members of the board of directors are suspected of having their subsidiaries cover the costs of an ‘overseas board meeting’ held in Canada in August last year, the police announced on the 12th that they plan to summon and interrogate them and their related officials one by one. It has been reported that Seoul Suseo Police Station plans to summon and investigate Chairman Choi and other directors who have been booked on charges of breach of trust, as well as outside directors who are current professors who may have violated the Anti-Corruption Act.
Of the 680 million won they spent for the Canadian board of directors, regarding 330 million won was spent by their subsidiaries, POSCO and POSCO-Canada, and as a result of this newspaper’s coverage, the subsidiaries are still paying for the expenses even following six months. It has been reported that accounting processing is not possible. It appears that the cost was split over several times, including a portion of the nearly 100 million meal expenses used by the board of directors.
In particular, the board of directors paid a total of 22.42 million won, including 10.7 million won in alcohol costs, at a Michelin Chinese restaurant in downtown Vancouver on the evening of August 7 last year. At this time, POSCO Holdings is said to have paid 19.6 million won and Poscan paid the rest. It is said that on this day, the directors drank the highest quality French wine worth millions of won. On the 10th, a seafood restaurant in Vancouver also calculated a total food cost of 24.6 million won, including 16.7 million won for alcohol. It is also said that circumstances were discovered where 10.5 million won of this cost was split by the POSCO Holdings management strategy team and the remainder was split by the talent management team. . The board of directors spent a total of 8.35 million won at a Japanese restaurant in downtown Vancouver for lunch on the 11th, and this cost is said to have been fully paid by POSCO, a subsidiary of the holding.
While holding a board meeting for 7 days and 5 nights, they are said to have used a chartered plane worth tens of millions of won and a chartered helicopter worth over 100 million won. In addition, they are said to have spent a total of over 60 million won on travel agency expenses such as chartered buses during their 6 days in the area. It is said that on the morning of the 8th, the board used a chartered plane costing 19.94 million won to travel from Vancouver to Cranbrook for regarding 100 minutes, and a chartered helicopter costing 169.6 million won for 50 minutes to go from Cranbrook to Green Hills. On the 10th, it traveled from Calgary to Vancouver, and was reported to have spent 26.87 million won for the two-hour trip.
Except for one board meeting, most of their itineraries focused on golf and sightseeing. Tourist itineraries included not only the previously known ‘Columbia Icefield Snowmobile Tour’, but also Banff’s ‘Sulfur Mountain Gondola’ and Vancouver’s ‘Capilano Suspension Bridge Tour’. ‘ etc. are also said to have been included.
As the issue of moral hazard among outside directors arose, the POSCO Holdings CEO Candidate Recommendation Committee said on the 12th, “We humbly accept the purpose of the criticism and pledge to be more cautious in the future,” and added, “We are carrying out a strict screening process to select the new chairman of POSCO Group.” “There is a need to be wary of any attempts to profit by lowering the credibility of the Candidate Recommendation Committee at this important time,” he said.
Park Hee-jae, professor of mechanical engineering at Seoul National University and chair of the recommendation committee, said, “To complete the important task of electing a new chairman who will lead the future of POSCO Group, I will do my best to the end, with a more self-respecting and humble attitude, along with all the members of the post-committee committee, without wavering.” He said. Professor Park is one of the outside directors who attended the Canadian board meeting in this case, and has been booked by the police on charges of breach of trust and violation of the Anti-Corruption Act.
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