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Jan. 5, 2012 / 3:05 PM

SK Group chairman indicted

SEOUL, Jan. 5 (UPI) -- Authorities in South Korea said SK Group Chairman Chey Tae-won has been indicted for embezzling about $86.8 million in part to cover stock market losses.

Chey also was accused of using $6.4 billion of the company's funds as collateral for personal loans. Prosecutors said another $12 million was misappropriated, the Yonhap News Agency reported Thursday.

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The chairman's younger brother Jae-Won was indicted a week earlier on similar charges.

Prosecutors said the brothers misappropriated funds that went to Benex Investment, led by Kim Jung-hong, who was also indicted on embezzlement charges.

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