Police on Wednesday arrested a woman accused of embezzling W1.68 billion to spend on plastic surgery worth W100 million, luxury goods, and nightlife entertainment (US$1=W1,101). Gwangjin police in Seoul arrested the 26-year-old identified only by her surname Kim for embezzling W1.68 billion over 296 occasions between 2008 and January last year while working as a bookkeeper for an Internet equipment rental company.
According to police, Kim spent W800 million on a membership for an exclusive host club, where drinks cost on average W5 to 6 million per night. She spent W100 million on plastic surgery, and W300 million on luxury bags and clothes. She also squandered W300 million in the stock market.
Kim embezzled W2 to 3 million at a time when the company was making installment payments for expensive equipment. She was rumbled when the company reviewed the accounts while trying to split the business in two.
The firm demanded Kim return the money, but Kim’s family refused and even claimed the CEO of the firm kidnapped Kim. "The company, which had annual sales of W10 billion, went bankrupt as it was unable to pay for the equipment it had purchased due to Kim's embezzlement," a police spokesman said.