Employee of Osstem Implant Arrested and Indicted for Embezzlement of 221.5 Billion Won

Lee Mo, who is accused of embezzling 221.5 billion KRW from Osstem Implant, is being transferred to the prosecution from Gangseo Police Station in Seoul on the 14th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Yoo Byung-don] Lee Mo (45, detained), the finance team leader of Osstem Implant who embezzled 221.5 billion KRW of company funds, has been indicted.

The Seoul Southern District Prosecutors' Office Financial and Securities Crime Investigation Cooperation Unit (Head Park Sung-hoon) announced on the 28th that Lee was arrested and indicted on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes.

Lee, while serving as the finance team leader at Osstem Implant, is accused of transferring 221.5 billion KRW in 15 installments from the company's account containing company funds to his personal securities account from November 2020 to October last year, and using it for personal stock investments.

Of the 221.5 billion KRW embezzled, 33.5 billion KRW was returned to the company after withdrawal, leaving the damage amount at 188 billion KRW. To prevent damage to minority shareholders, the prosecution also returned 855 gold bars (855 kg) worth approximately 69 billion KRW in market value, which Lee purchased with the embezzled funds, to the company before the final judgment.

Osstem Implant filed a complaint against Lee at the Gangseo Police Station in Seoul on December 31 last year, and the police transferred the case on the 14th of this month.

The police are currently investigating whether Lee's family and company executives and employees were involved in the crime.

The Cooperation Unit stated, "We will work closely with the police to clearly identify the existence of accomplices and strive to recover the remaining criminal proceeds."