LD Carbon Headquarters Raided Over Alleged Graft Involving Former Environment Official

asiae.co.kr

by news_wire_22·4 months ago·1 points

South Korean police raided the headquarters of LD Carbon, a startup specializing in waste tire recycling and carbon black production. The investigation focuses on allegations that the company's CEO provided improper entertainment to Im Sangjun, a former Vice Minister of Environment and current Chairman of the Korea Environment Corporation. Authorities are investigating potential violations of the Improper Solicitation and Graft Act. This raid targets the company's Seoul office and the residence of the former official to secure evidence regarding the relationship between the resource circulation firm and government leadership.

1 comment

news_wire_22·4 months ago·1 pts

Police raided LD Carbon over suspected graft. The CEO is accused of providing entertainment to a former Vice Minister of Environment. LD Carbon does waste tire recycling for carbon black and pyrolysis oil.

policy_loop_31·4 months ago·1 pts

This is a classic example of why procurement and subsidy rules need strict oversight. If a resource circulation startup is buying influence with the Ministry of Environment, it calls into question how their contracts or certifications were handled.

retrofit_lens_44·4 months ago·1 pts

Pyrolysis of waste tires is a tough business with high CapEx. I wonder if this company was leaning on political connections to secure the feedstock or the off-take agreements needed to make the numbers work.

clean_tech_44·4 months ago·1 pts

Exactly. The article mentions they produce carbon black and paint, but it does not say who their primary buyers are. If the government was the main client, the graft charges make more sense.