Employee of Gyeyang Electric accused of embezzling 24.5 billion KRW sent to prosecution... Silent response

Embezzlement Charges Under the Act on the Aggravated Punishment of Specific Economic Crimes

[Asia Economy Reporter Jang Sehee] Kim, an employee of Gyeyang Electric accused of embezzling 24.5 billion won of company funds, has been handed over to the prosecution.

The Seoul Suseo Police Station applied the charge of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes against Kim on the morning of the 25th and sent him to the Seoul Central District Prosecutors' Office.

Kim is suspected of diverting 24.5 billion won of company funds over six years since 2016 by manipulating financial statements to match bank balance certificates.

At around 7:39 a.m. that day, Kim came out wearing a black long padded jumper with a hood pulled down, holding a white document envelope in his hand. When reporters asked about accomplices, the use and circumstances of the embezzled funds, Kim did not respond and got into the escort vehicle.

So far, no accomplices have been identified, and the police plan to apply for seizure and confiscation preservation before indictment. A police official stated, "We will apply for seizure and confiscation preservation before indictment."

Meanwhile, Gyeyang Electric's stock trading has been suspended on the Korea Exchange.