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February 28, 2013

S. Korean Pastor Investigated in $9-Million Megachurch Stock Loss

Prosecutors in South Korea are investigating the senior pastor of the world's largest Pentecostal congregation in connection with a stock deal that cost the church more than $9-million, according to The Hankyoreh.

The newspaper reports that David Yonggi Cho of Yoido Full Gospel Church is to be indicted on charges of breach of trust. Mr. Cho's son, Cho Hee-jun, was arrested in December on a similar charge arising from a 2002 transaction in which he sold the church shares in a business called I-Service at more then three times their market price.

Yoido Full Gospel, founded by David Cho and his mother in 1958, has about 1 million members. According to charging papers in the son's case, the pastor rejected questions raised by the church's general manager about the stock deal, saying it was necessary because "Hee-jun is in a difficult situation right now."