Baekgwang Industry responded on the 18th regarding reports on the embezzlement allegations against the former CEO, stating, "The company has confirmed that the Seoul Central District Prosecutors' Office filed an arrest warrant on July 17, 2023, against former CEO Kim Mo for violations of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (embezzlement) and other charges."
Furthermore, the company explained, "We are actively cooperating with the investigations by the relevant authorities, and there are no confirmed facts related to the allegations at this time." The amount stated in the arrest warrant request under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (embezzlement) is approximately 19.5 billion KRW.
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