Paxnet, Former Chairman and CEO Accused of Embezzlement and Breach of Trust
[Asia Economy Reporter Oh Ju-yeon] Paxnet announced on the 14th that former Chairman Kim and former CEO Park are suspected of violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust), embezzlement in the course of business, and breach of trust in the course of business. The amount involved in embezzlement and related offenses is approximately 36,787,790,000 KRW, which corresponds to 79.61% of the company's equity capital.
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Paxnet stated, "We will take all necessary measures according to legal procedures regarding all matters following the submission of the complaint and will actively cooperate with investigations by relevant authorities."
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