The prosecution has additionally arrested three people, including the owner family member Gong Mo and his close associates, in connection with the Yeongpung Paper stock manipulation scandal. The investigation is expanding to include the owner family, in addition to the previously indicted stock manipulation perpetrators.
On the 3rd, the Financial and Securities Crime Joint Investigation Division of the Seoul Southern District Prosecutors' Office announced that it had requested arrest warrants on the 1st for Gong Mo, the actual owner of Yeongpung Paper, and two unregistered executives affiliated with Yeongpung Paper, and received approval from the Seoul Southern District Court the previous day on charges of violating the Capital Markets Act.
Gong is one of the owner family members of Daeyang Metal, which acquired Yeongpung Paper in 2022, and is a key accomplice in this stock manipulation scandal.
So far, the prosecution has identified the illicit gains of the Yeongpung Paper stock manipulation group to be 616.6 billion KRW. A total of 18 people, including those involved in market manipulation and aiding fugitives, have been indicted to date.
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