Main Perpetrator of 'IC Corporation Embezzlement Case' Apprehended After 12 Years of Fleeing Abroad
[Asia Economy Reporter Jang Hyowon] A former executive of IC Corporation, who fled overseas while under investigation for embezzling hundreds of millions of won of company funds, was apprehended after 12 years.
According to the legal community on the 7th, the Seoul Central District Prosecutors' Office Fair Trade Investigation Division (Chief Prosecutor Kim Minhyung) indicted former IC Corporation executive Mr. Seok yesterday on charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.
Mr. Seok, who was wanted while prosecution was suspended, was reportedly caught at Incheon International Airport in September while attempting to travel to Hong Kong via Korea from Southeast Asia.
Mr. Seok, a Canadian national, is accused of embezzling about 18 billion won during the process of raising 50 billion won through a paid-in capital increase after content company DC Inside acquired IC Corporation in November 2006, together with former company CEO Mr. Kim and major shareholder Mr. Yoon.
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Mr. Kim, who was also wanted with prosecution suspended along with Mr. Seok, is still reported to be at large.
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