KOSDAQ Listed Company Embezzlement by Corporate Raiders Arrested... 1 Fugitive

[Image source=Yonhap News]

[Asia Economy Reporter Oh Gyumin] A group involved in acquiring KOSDAQ-listed companies through no-capital mergers and acquisitions (M&A) and embezzling company funds has been arrested.

The Seoul Southern District Prosecutors' Office Financial Investigation Division 1 announced on the 6th that on the 1st, it obtained arrest warrants from the court for four individuals, including Mr. A, on charges of embezzling billions of won from several KOSDAQ-listed companies and is currently investigating. A representative from the Southern District Prosecutors' Office stated, "Among the four individuals for whom warrants were issued, three have been detained, but one remains at large." The prosecution plans to execute the arrest warrant for the fugitive as soon as their whereabouts are confirmed.

This case is currently being investigated by the Financial and Securities Crime Joint Investigation Team (Joint Investigation Team) of the Southern District Prosecutors' Office, following the transfer of the responsible prosecutor to the team. The prosecution stated, "Although this case has been labeled externally as the Joint Investigation Team's first case, it is not based on the investigation start date."