Prosecutors Re-summon SangSangIn CEO Yoo Jun-won... Investigating 'Former Official Collusion' Allegations
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[Asia Economy Reporter Kim Hyung-min] The prosecution investigating allegations of illegal loans involving the Sangsangin Group summoned Yu Jun-won, CEO of Sangsangin Group (46), for questioning again.
According to the legal community on the 21st, the Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kim Hyung-geun) summoned CEO Yu in the morning as a suspect for investigation.
Sangsangin Group affiliates, Sangsangin Savings Bank and Sangsangin Plus Savings Bank, are suspected of providing loans exceeding the legal limits set by law, using convertible bonds (CB) of the secondary battery company Double U F M (WFM) as collateral (violation of the Mutual Savings Banks Act).
There are also allegations that preferential loans were granted to WFM to assist in the acquisition of Golden Bridge Securities.
The prosecution is reportedly also examining suspicions related to CEO Yu's past stock manipulation case.
It is alleged that Chairman Yu was involved in the 2012 Sports Seoul stock manipulation case, and when investigations began, former prosecutor-turned-lawyer Park, using his friendship with former Chief Prosecutor Kim Hyung-jun of the Securities Crime Joint Investigation Unit at the Seoul Southern District Prosecutors' Office, excluded Chairman Yu from the investigation.
Former Chief Prosecutor Kim was dismissed after being prosecuted in 2016 on charges of receiving hospitality worth tens of millions of won from a high school classmate known as a "sponsor" at luxury bars in Gangnam, Seoul.
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Initially, this investigation was handled by the Tax Crime Investigation Division of the Seoul Central District Prosecutors' Office, but after the department was abolished due to organizational restructuring at the end of January, the Anti-Corruption Investigation Division 1 was reassigned the case.
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