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South Korea's CJ Group heir apparent arrested for suspected narcotics law violation

09/04/2019 | 10:28pm EDT

SEOUL (Reuters) - The heir apparent of South Korean food-to-entertainment conglomerate CJ Group has been arrested for suspected narcotics law violation after turning himself in, the prosecutors' office said.

Lee Sun-ho, the 29-year-old son of CJ Group Chairman Lee Jay-hyun, walked into the office alone on Wednesday evening, the Incheon District Prosecutors' Office said in a statement on Wednesday.

Lee was stopped on arrival at Incheon International Airport from the United States on Sept. 1 on suspicion of trying to smuggle marijuana into the country, local media reported citing the prosecutor's office.

Reuters calls to the prosecutors' office seeking details of the allegations went unanswered on Thursday.

In a statement issued by CJ Group on Thursday, Lee apologised "for causing significant trouble to CJ executives and employees and disappointing many people through wrongdoing".

CJ Group in the statement said Lee told investigators he would "take responsibility for his wrongdoing".

On Wednesday, prosecution officials raided Lee's house as part of its investigation, a person familiar with the matter told Reuters.

"The suspect ... said it is heartbreaking that the people around him are suffering and wished to be arrested as soon as possible," the prosecutors' office said in its statement.

Lee, a graduate of Columbia University in the United States, is a business planning executive at food company CJ Cheiljedang Corp, part of the CJ Group which owns movie and entertainment firm CJ ENM Co Ltd as well as CJ Logistics Corp.

The group's leader, Lee Jay-hyun, is a grandson of Samsung Group founder Lee Byung-chull.

(Reporting by Joyce Lee and Hyunjoo Jin; Editing by Christopher Cushing)

© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ANHUI JIANGHUAI AUTOMOBILE GROUP CORP.,LTD. -3.99% 11.32 End-of-day quote.-34.94%
CJ CHEILJEDANG CORPORATION -1.74% 396000 End-of-day quote.2.19%
CJ CORPORATION -1.21% 81700 End-of-day quote.-2.04%
CJ ENM CO., LTD. -2.02% 106500 End-of-day quote.-23.27%
CJ LOGISTICS CORPORATION 2.03% 125500 End-of-day quote.-0.40%
ENM HOLDINGS LIMITED 0.00% 0.61 Delayed Quote.14.55%
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Analyst Recommendations on CJ LOGISTICS CORPORATION
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Sales 2022 12 123 B 9,59 B 9,59 B
Net income 2022 174 B 0,14 B 0,14 B
Net Debt 2022 1 994 B 1,58 B 1,58 B
P/E ratio 2022 15,8x
Yield 2022 0,10%
Capitalization 2 503 B 1 980 M 1 980 M
EV / Sales 2022 0,37x
EV / Sales 2023 0,33x
Nbr of Employees 6 053
Free-Float 39,4%
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Number of Analysts 15
Last Close Price 125 500,00 KRW
Average target price 174 800,00 KRW
Spread / Average Target 39,3%
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Young-Hag Min Co-Chief Executive Officer & Director
Shin-Ho Kang Co-Chief Executive Officer & Director
Hyo-Hee Lee Managing Director & Head-Finance
Gab-Yeong Jeong Independent Director
Young-Seung Song Independent Director
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