The prosecution has requested an arrest warrant for Kim Yong-bin, chairman of Daewoo Shipbuilding & Marine Engineering Construction and Korea Technology (50), on charges of wage arrears just one month after his release on bail.
On the 12th, the Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Lee Jae-man) announced that they had requested an arrest warrant for Chairman Kim on charges including violation of the Labor Standards Act. Chairman Kim was previously indicted in custody in April on charges of violating the Capital Markets Act and embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, but was released last month after his bail application was approved.
According to the prosecution, Chairman Kim is accused of failing to pay 2.7 billion won in wages and retirement benefits to company employees and executives.
A prosecution official stated, "In accordance with the Supreme Prosecutors' Office's strict response policy toward wage arrears offenders, considering the serious nature of the case where the unpaid wages amount to 2.7 billion won and the affected workers are still suffering from financial difficulties, as well as the private misuse of company funds during the wage arrears period, we have requested the warrant."
Chairman Kim is currently on trial for charges including making false disclosures to inflate stock prices and obtaining unfair gains of 28.5 billion won, and embezzling 400 million won of corporate funds at a time when Daewoo Shipbuilding & Marine Engineering Construction was unable to pay employee salaries.
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