LS Electric chairman under probe over speeding

SEOUL, May 19 (Yonhap) -- Koo Ja-kyun, chairman of LS Electric Co., has been referred to the prosecution for investigation on charges of a speeding violation, along with a company official who initially falsely claimed to be the driver, police said Friday.

The Yongsan Police Station in Seoul said it sent Koo and the director, identified by his surname Kim, to the prosecution early last month. Kim faces charges of allowing a criminal suspect to escape.

Koo, 65, is a younger cousin of Koo Ja-eun, chairman of LS Group, the 16th largest conglomerate in the country.

Koo allegedly drove his Ferrari on a highway in Seoul on Nov. 9 at a speed exceeding 160 kmph, twice the legal speed limit of 80 kmph.

On Dec. 23, Kim visited the police station and initially claimed to be the driver. But he later retracted his statement during police interrogation.

In March, Koo appeared at the police station, and admitted to driving the car and exceeding the speed limit.

Driving at a speed exceeding 80 kmph above the speed limit can lead to criminal punishment, including a fine of up to 300,000 won (US$225) or a short-term detention, rather than an administrative monetary penalty or a ticket.

LS Electric, the electrical and energy solutions subsidiary of LS Group, said Kim mistakenly claimed to be the offender, believing he would receive a lighter penalty.

"During the subsequent police investigation, Kim stated he was not driving. It was not an attempt to switch drivers or evade criminal punishment," a company official said.
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