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Korea Baseball Organization commissioner resigns

by on May.04, 2011 @ 9:31 pm, under Other

According to a report by Reuters, the KBO commissioner has stepped down:

Korea Baseball Organisation (KBO) Commissioner You Young-koo handed in his resignation earlier this week just before his arrest on Tuesday, according to league officials.

"Commissioner You chose to step down beforehand, concerned that his arrest would deeply trouble baseball," KBO Secretary General Lee Sang-il told South Korea's Yonhap news agency.

The Korean Herald has a little more details on his arrest:

You Young-koo, head of the Korea Baseball Organization, was arrested on Wednesday for misappropriating funds from his school foundation in 2006.

...

Officers at the Seoul Central District Prosecutors’ Office said You had made a payment guarantee for a 150 billion won ($138 m) loan to Myongji Construction in 2006 while he served as Myongji School head. The company failed to repay the debt, causing the school to bear the burden of all the loans, the prosecutors said. You is also suspected of having embezzled billions of won in the process of granting his school’s construction projects to Myongji construction in 2007.