'Allegations of 10 Billion Won Slush Fund... Kim Yeonsu, Hancom CEO, "I Will Practice Integrity Management"'

When the son of Kim Sang-cheol, chairman of Hangul and Computer (hereinafter Hancom), who is accused of embezzling hundreds of billions of won of company funds, was arrested, his sister Kim Yeon-su, CEO of Hancom, bowed her head and said, "I am sorry."

On the 6th, CEO Kim stated in a press release, "First of all, I would like to express my apologies to the many stakeholders, including customers, investors, and employees, who are concerned about the judicial issues."

She added, "Before being a CEO, as a sister Kim Yeon-su, I am truly sorry that my younger brother is mentioned in such an incident," and "I only think it is natural to humbly accept the judiciary's decision regarding my younger brother after the ongoing investigation."

However, CEO Kim emphasized once again, "Hancom and I, Kim Yeon-su, have no gains or losses whatsoever from the success or failure of the project," and "The businesses currently being promoted and planned by Hancom will proceed smoothly regardless of this issue."

CEO Kim said, "As CEO Kim Yeon-su, I will do my best with our management team to check and minimize the risks that may arise in Hancom and its major subsidiaries, and I promise to practice responsible and ethical management."

On the 5th, Judge Lee Do-haeng of Suwon District Court, who is in charge of warrants, issued arrest warrants for Kim, the son of Chairman Kim Sang-cheol, who is accused of breach of trust in the course of business, and Jung, CEO of Arowana Tech, the issuer of the coin ‘Arowana Token’.

The prosecution, investigating the breach of trust and embezzlement allegations against the Kim family, believes that Kim earned profits worth hundreds of millions of won through illegal price manipulation of the virtual currency ‘Arowana Token,’ issued in 2021 with Hancom’s involvement.

In April 2021, Chairman Kim acquired a Singapore company, which was essentially a paper company, under a borrowed name for 1 million won and renamed it ‘Arowana Tech.’

Thereafter, Arowana Tech created a coin called ‘Arowana Token’ and listed it on a domestic coin exchange. The coin was priced at 50 won at the time of listing, but within 30 minutes, its price soared more than 1,000 times, reaching a peak of 53,800 won on the day of listing.

Investigators believe that during this process, Kim and Arowana Tech secretly hired a broker, Mr. A, who jumped into coin trading.