Prosecutors Request Arrest Warrant for Shinrajen CEO Moon Eun-sang on Insider Trading Charges...

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] The prosecution has requested an arrest warrant for Moon Eun-sang (55), CEO of the bio company Sillajen, who is suspected of 'insider trading of undisclosed information.'

The Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Seo Jeong-sik) announced on the 8th that it had requested an arrest warrant for CEO Moon on charges including violation of the Capital Markets Act.

According to the prosecution, CEO Moon is suspected of using internal company information to sell a large amount of stocks before publicly announcing the suspension of clinical trials of 'Pexavac,' an immuno-oncology drug candidate developed by Sillajen, thereby avoiding significant losses.

Sillajen's stock price once soared on expectations for Pexavac's development but plummeted after the suspension of clinical trials became known.

Former CEO Lee Yong-han (54) and former auditor Kwak Byung-hak (56) of the company have already been arrested and indicted on similar charges.

CEO Moon is also suspected of improperly acquiring company shares by subscribing to bonds with warrants (BW) through a paper company without capital.

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