Employee of securities firm who aided Woori Bank staff in embezzling 70 billion won arrested

[Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] A securities company employee who assisted a Woori Bank employee in embezzling approximately 70 billion won has been detained.

According to the legal community on the 1st, the Seoul Central District Court issued an arrest warrant only for securities company employee Mr. A, among the four accomplices in the Woori Bank 70 billion won embezzlement case, citing "risk of evidence destruction and flight," in response to the prosecution's request.

The day before, the Crime Proceeds Recovery Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lim Sejin) announced that it had requested pre-arrest warrants for the four individuals on charges including violation of the Act on Real Name Financial Transactions and Confidentiality and the Act on the Regulation and Punishment of Criminal Proceeds Concealment. The Seoul Central District Court conducted a pre-arrest suspect hearing (warrant substantive examination) for them on the same day.

Mr. A is accused of opening 11 securities accounts under false names for Woori Bank employee Mr. Jeon (currently on trial) and receiving about 100 million won of criminal proceeds (violations of the Act on Real Name Financial Transactions and the Act on the Prevention of Transfer of Criminal Proceeds). Two others, family members and acquaintances of Mr. Jeon, were charged with receiving criminal proceeds exceeding 1 billion won each. Another acquaintance was investigated for destroying evidence by discarding Mr. Jeon's younger brother's mobile phone and receiving about 300 million won of criminal proceeds. Arrest warrants for the other three, excluding Mr. A, were dismissed.

The Jeon brothers were indicted on charges of embezzling 61.4 billion won of company funds and were sentenced in the first trial on September 1 to 13 years and 10 years imprisonment respectively, along with fines exceeding 64.7 billion won. Mr. Jeon's younger brother and the prosecution have appealed, and the second trial is pending.

During the first trial of the Jeon brothers, the prosecution discovered an additional embezzlement amount of 9.32 billion won and requested a change in the indictment. However, when the court rejected this, the prosecution appealed, arguing that the first trial verdict should be overturned and the trial restarted from the beginning.