Police Launch Investigation into Chairman and CEO of Ostem Implant over Embezzlement Allegations

Gangseo Police Station Investigates Citizen Group Leader as Complainant

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] The police have begun an investigation into the chairman and CEO of Ostem Implant following an embezzlement case worth 221.5 billion KRW.

On the morning of the 19th, the Gangseo Police Station in Seoul summoned the head of a civic group who filed a complaint against Chairman Choi Gyu-ok and CEO Eom Tae-gwan of Ostem Implant and conducted a complainant investigation for about an hour.

Earlier, on the 6th, the civic group Seomin Minsaeng Countermeasure Committee filed a complaint with the National Police Agency's National Investigation Headquarters against Chairman Choi and CEO Eom on charges of embezzlement and violation of the Capital Markets Act. The complaint stated that "it is impossible that Chairman Choi and CEO Eom were unaware of the large-scale embezzlement of approximately 220 billion KRW, and they must take responsibility for the current situation where stock trading has been suspended."

The police, having arrested and handed over the finance team leader Lee (45), who embezzled 221.5 billion KRW, to the prosecution, are continuing their investigation into accomplices within the company. Previously, the police questioned five finance team members as witnesses.