Prosecutors Raid MedicoX Headquarters Over Alleged Corporate Fund Embezzlement

At MedicoX Headquarters and Executives' Residences

The Third Anti-Corruption Investigation Division of the Seoul Central District Prosecutors' Office, led by Chief Prosecutor Lee Seunghak, is conducting a search and seizure at the headquarters of MedicoX, a KOSDAQ-listed company, as well as at the residences of its executives, amid allegations of corporate fund misappropriation by the management.

The prosecution suspects violations of the Act on the Aggravated Punishment of Specific Economic Crimes (including breach of trust and embezzlement) and the Capital Markets Act by MedicoX executives.

Previously, the Financial Supervisory Service requested an investigation into entities including Korea Asset Trust. During the course of this investigation, the prosecution reportedly uncovered indications of corporate fund misappropriation and false disclosures by MedicoX's management.