The Former Chairman of a School Embezzled 1 Billion Won Worth of Bitcoin.

The former chairman of a school that runs a tourist college in Osaka ordered the government to withdraw 1 billion won worth of funds from school management without permission and used to purchase virtual currency.

According to the official, the former head of the Myungjeong Academy, the school's subsidiary did not report to the board in April last year and ordered the company to deposit 1 billion won in operating funds for the Osaka University of Tourism by himself to a company he is personally in charge of.

The 1 billion won was withdrawn on the same day by an employee from his related company and recorded in accounting data as "acquisition of virtual currency," but the former chairman reportedly instructed his employees not to divulge any of the money.

As the problem grew, Japan's Education, Culture, Sports and Tourism Ministry ordered school authorities to submit a request for the use of the Osaka University of Tourism last year for a subsidy of about 1.03 billion won.

Reporter Shinwon Kim (news@dailycoinews.com)의 기사 더 보기

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