Chang Jae-Ku,65, owner of the Hankook Ilbo media group which includes several well-known dailies, magazines and a cable channel, was arrested yesterday night.
Chang is accused of embezzling company funds worth 13 billion won (USD 11.6 million) for his personal use and causing the group a further financial loss of 30 billion won by offering business benefits to his creditors.
The labour union of the Hankook Ilbo - the group's flagship newspaper - had asked Seoul prosecutors to investigate Chang back in April.
The group - the longtime organiser of the Miss Korea beauty pageant has suffered financial troubles for years.
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