'Insider Trading' ShillaJen CEO Moon Eun-sang Appears for Warrant Hearing

On the Morning of the 11th, Appeared at Seoul Southern District Court... Silent in Response to Reporters' Questions

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] Moon Eun-sang, CEO of the bio company Sillajen, who is accused of trading stocks using undisclosed information, appeared for a pre-arrest detention hearing (warrant hearing).

On the 11th at 10:30 a.m., CEO Moon appeared at the Seoul Southern District Court and, when asked by reporters, "Do you admit to the suspicion of avoiding losses by using undisclosed information?" and "You recently posted an appeal on the homepage, but do you still deny the allegations?" he consistently responded with "no comment."

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

Earlier, on the 8th, the Seoul Southern District Prosecutors' Office Financial Investigation Division 1 (Chief Prosecutor Seo Jeong-sik) requested arrest warrants for CEO Moon and Mr. A, the representative of a paper company, on charges of violating the Capital Markets Act (fraudulent unfair trading) and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

CEO Moon is known to be suspected of avoiding large-scale losses by selling off a large amount of stocks using internal company information before publicly announcing the suspension of clinical trials of 'Pexavac,' an immuno-oncology drug candidate developed by Sillajen.

Sillajen's stock price once soared due to expectations for Pexavac's development but plummeted after the suspension of clinical trials was announced.

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

Moon's relatives, former Sillajen auditor Kwak Byung-hak (56) and former CEO Lee Yong-han (54), have already been indicted and detained earlier this month on charges related to this process.

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