'Universal Group CEO, Alleged Accomplice in Don Scoi Ship Fraud, Fully Denies Charges in First Trial'

"Only Tried to Compensate Victims"... Main Culprit Fled Abroad

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] Kim, former CEO of Universal Group (formerly Shinil Group), who was arrested on charges of conspiring with the mastermind of the so-called 'Donskoi Ship Fraud Case'?a scam involving the discovery of the Russian vessel 'Donskoi' loaded with gold bars?denied all charges at his first trial.

On the 8th, during a trial presided over by Judge Choi Yeon-mi of the Seoul Southern District Court Criminal Division 8, the prosecution explained the charges, stating, "The defendant, in collusion with former Shinil Group CEO Ryu Seung-jin, embezzled approximately 11.6 billion KRW through the purchase payments of Treasure SL Coin and Universal Coin."

In response to the prosecution's claims, Kim's defense attorney denied the allegations, stating, "He only tried to compensate the victims of the Shinil Group case and did not deceive people to embezzle investment funds."

The Donskoi Ship investment fraud case involved issuing and distributing a fake cryptocurrency called Shinil Gold Coin (SGC) in July 2018, claiming to salvage the Donskoi ship and collecting investments.

The mastermind of the case, former CEO Ryu, changed Shinil Group's name to 'SL Blockchain Group' after the Donskoi incident and attracted investors by claiming to develop a mine containing gold ore worth 25 trillion KRW.

Ryu created a new cryptocurrency called 'Treasure SL Coin' and promised investors purchasing it a share of the gold mining profits. However, when the police launched an investigation, including a raid on SL Blockchain Group on suspicion of fraud, he changed the company name again to 'Universal Group' and issued a new fake cryptocurrency called 'Universal Coin' to attract investors.

Regarding this case, former Shinil Group Vice Chairman Kim (53), former CEO Heo (59) of 'Shinil Group Donskoi International Exchange,' and Ryu's sister were sentenced to prison last year.

However, the main culprit, former CEO Ryu, left the country and remains at large.

This content was produced with the assistance of AI translation services.