LIG D&A CEO denies company's involvement in bribery allegations
The chief of Korean defense company LIG Defense & Aerospace Co. (LIG D&A) on Monday denied the company's involvement in a bribery scandal linked to weapons procurement bids. Appearing as a witness before the National Assembly's defense committee, LIG D&A CEO Shin Ick-hyun said two company executives indicted on charges of bribing an official at the Defense Acquisition Program Administration…
Korean defense company LIG Defense & Aerospace Co. (LIG D&A) CEO Shin Ick-hyun has denied allegations that the company was involved in a bribery scandal surrounding weapons procurement bids. During a hearing before the National Assembly's defense committee, Shin stated that two executives of the company, who have been indicted for allegedly bribing a Defense Acquisition Program Administration (DAPA) official, have maintained their innocence.
He further explained that it is structurally impossible for the company to have raised the alleged 300 million won ($226,700) in bribes through its internal procedures. As a result of the bribery allegations, DAPA has barred LIG D&A from bidding on defense contracts for two years, which could hinder the company's ability to secure new domestic defense orders. LIG D&A has expressed regret over the decision and plans to challenge the ban through legal action.
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- LIG D&A CEO denies company's involvement in bribery allegations koreatimes.co.kr
