Two Former ShillaJen Executives Attend Warrants Hearing for 'Insider Trading' Case

Silent in response to reporters' questions about allegations

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] Two former executives of the bio company Sillajen, accused of selling stocks after knowing undisclosed information in advance, appeared for a pre-arrest suspect interrogation (warrant hearing).

Lee Yong-han (54), former CEO of Sillajen, and Gwak Byeong-hak (56), former auditor, arrived at the Seoul Southern District Court around 10:15 a.m. on the 16th.

They entered the court without responding to reporters' questions such as "Did you sell stocks using undisclosed information?" and "Do you have anything to say to investors?"

The warrant hearing was conducted by Chief Judge Seong Bo-gi, who is in charge of warrants, and the decision on detention is expected to be made late in the afternoon.

They are accused of using internal company information to sell a large amount of stocks before the announcement of the suspension of clinical trials for Sillajen's immuno-oncology drug 'Pexavac,' thereby avoiding significant losses.

Sillajen's stock price once soared due to expectations for Pexavac's development, but plummeted after the Phase 3 clinical trial, the final stage of the trial, was halted.

Lee served as CEO from 2008 to 2009, and Gwak, a relative of current Sillajen CEO Moon Eun-sang (55), served as auditor and inside director of the company from 2012 to 2016.

This content was produced with the assistance of AI translation services.