Odaily Planet Daily News South Korea's Audit and Inspection Commission urged Cheongju City to take "severe disciplinary action" against an official who misappropriated public funds for personal cryptocurrency investment. It is reported that the official works in the Cheongju City Government and is responsible for student-related funds and subsidies.
The committee said that the official had "embezzled about 600 million won (about 416,244 US dollars)" in seven years and invested it in crypto assets. He has been charged and convicted of the same crime.
The committee has the power to impose further penalties on him and recommends that the city government take "minor disciplinary action" against the official's five superiors.
In addition, the city may also impose further fines on the same official. It is understood that in addition to disciplinary sanctions, public officials who embezzle or misappropriate public funds may also be required to pay a "disciplinary surcharge" of up to five times the amount of embezzlement or misappropriation.