Tong Yang Group chief to stand trial for fraud

The head of financially troubled Tong Yang Group has been indicted on charges of fraudulently issuing and selling financial products, inflicting losses on nearly 40,000 individual investors, state prosecutors said Tuesday. Chairman Hyun Jae-hyun allegedly orchestrated the issuance of fraudulent corporate bonds and commercial paper (CP) worth some 1.33 trillion won (US$1.22 billion) under the names of the group's affiliates between February and September of last year, even though he knew it was likely the affiliates would be unable to repay maturing debts, they said.