Former Underwear Mogul Accused of Making $8 Milliion in Payments to North Korea is Released On Bail

The underwear guy is out of jail for now:

This undated file photo shows former Ssangbangwool Group Chairman Kim Sung-tae delivering a speech at an unidentified event.

A local court on Tuesday granted bail to the former chairman of South Korean underwear maker Ssangbangwool who had been arrested for embezzlement and illegal remittance to North Korea.

The Suwon District Court allowed former Ssangbangwool Chairman Kim Sung-tae to be released on bail on condition that he pay 100 million won (US$75,000) and carry a real-time location tracking device with him until trials are over.

The former chairman was released late Tuesday evening when the deposit was paid, a company official said.

“With the court’s decision, the former chairman will attend the remaining trials without physical detention,” Ssangbangwool said in a statement. 

On Feb. 3, 2023, Kim was indicted and detained on charges of embezzlement of funds worth 54 billion won in the group’s five unlisted “paper” companies and an illegal remittance of $8 million to the North and has since been behind bars.

Yonhap

You can read more at the link, but it is alleged that the money he was sending to North Korea was a payoff to allow Lee Jae-myung to travel to North Korea when he was the Gyeongi-do governor at the time.