|[Asia Economy Reporter Kim Daehyun] Former Shinpung Pharmaceutical CEO Jang Wonjun, accused of creating slush funds worth billions of won, avoided detention.
On the 27th, Judge Kim Jungmin, in charge of warrants at the Seoul Central District Court, conducted a pre-detention interrogation of former CEO Jang and then dismissed the prosecution's detention warrant request, stating, "At this stage, it is difficult to see a significant risk of evidence destruction beyond the exercise of the defendant's right to defense."
Earlier, the 7th Criminal Division (Chief Prosecutor Sung Sangwook) requested a detention warrant for former CEO Jang on the 19th.
Former CEO Jang is the son of the late Jang Yongtaek, the founder of Shinpung Pharmaceutical.
He is accused of embezzlement and breach of trust under the Specific Economic Crimes Act by conspiring with executive A (detained and indicted) from April 2011 to March 2018 to create slush funds worth approximately 5.7 billion won through fictitious transactions with pharmaceutical raw material suppliers and receiving the difference back.
He is also charged with violating the External Audit Act by falsifying and disclosing Shinpung Pharmaceutical's financial statements.
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