Court orders arrest of Eastar Jet’s founder for embezzlement

The Jeonju District Court in South Korea has issued an arrest warrant for Lee Sang-jik, an independent lawmaker and founder of cash-strapped airline Eastar Jet, for embezzlement of 3.8 billion South Korean won ($3.4 million) worth of funds and breach of trust, Yonhap News Agency reported. Lee is accused of colluding with an Eastar Jet senior official, who in turn has been accused of causing KRW43 billion worth of financial damage to the airline.

Read more.