Prosecution Arrests and Indicts Shinrajen CEO Moon Eun-sang for "191.8 Billion Won Illicit Gains"

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] The prosecution has arrested and indicted Moon Eun-sang (55), CEO of the bio company Sillajen, on suspicion 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 29th that it had arrested and indicted CEO Moon, who is suspected of improperly acquiring company shares using a paper company.

According to the prosecution, CEO Moon is accused of acquiring 10 million new shares with warrants (BW) worth 35 billion KRW through a fund-circulation method using a paper company without his own funds, thereby obtaining an unfair gain worth approximately 191.8 billion KRW.

He is also accused of inflating patent fees to excessively pay about 2.93 billion KRW of Sillajen's funds to related companies, granting inflated stock options to five acquaintances, and then receiving about 3.8 billion KRW from the sales profits.

The prosecution also indicted Mr. A, the owner of the paper company used by CEO Moon, and Mr. B, the founder of Sillajen, as accomplices without detention.

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