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Korea Aerospace ex-chief indicted for fraud, embezzlement

Stock of South Korean defense company halted, nine others charged

SEOUL - The former chief executive of Korea Aerospace Industries has been indicted for accounting fraud, bribery and embezzlement at the state-owned defense company, the prosecution said Wednesday.

The Seoul Central District Prosecutors' Office alleged that Ha Sung-yong, 65, had inflated sales of KAI by 535.8 billion won ($472.1 million) and its net profit by 46.5 billion won between 2013 and the first quarter of this year. Ha resigned in July as the prosecution widened its investigation into him, raiding his office and car. He was arrested in September and will now face trial for the charges.

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