Korea Technology, All Prosecution Complaints Related to Affiliates Dismissed Without Charges

[Asia Economy Reporter Jang Hyowon] Korea Technology, a KOSDAQ-listed company (CEO Shin Yonggu, Lee Byunggil), announced on the 16th that as a result of the prosecution's investigation into the embezzlement and breach of trust allegations against Korea Corporation filed by Jeong Hyunjun and one other person at the Seoul Central District Prosecutors' Office last July, all current and former executives related to Korea Corporation, including Chairman Kim Yongbin and CEO Shin Yonggu, were cleared of charges with a 'no indictment' decision.

Previously, the Seoul Central District Prosecutors' Office conducted an investigation into the entire extensive process related to Korea Corporation based on the complainants' claims, examining whether there were any criminal offenses such as embezzlement, breach of trust, or fraudulent acts.

According to the case disposition results disclosed by the prosecution on the 15th, "Following the receipt of the complaint, an investigation was conducted into allegations of breach of trust and embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, and all were dismissed due to lack of evidence," explaining the reason for the no indictment decision.

With the prosecution notifying all accused parties of the 'no indictment' closure, all current and former executives related to Korea Corporation, including Kim Yongbin, Cho Seongwan, Sung Sangyun, Moon Wonho, Kim Hyungyeom, and Shin Yonggu, were cleared of the wrongful allegations.

Shin Yonggu, CEO of Korea Technology, stated, "As the investigation results show, the allegations were baseless and malicious," adding, "Due to this, employees of Korea Technology and Daewoo Shipbuilding & Marine Engineering Construction had to work hard to explain the matter to shareholders, clients, and financial institutions. We will respond firmly according to law and principles against those who recklessly filed complaints against innocent people."

He also said, "The case, which adversely affected the company and hindered the stock price, has been completely closed with no charges, and all civil and criminal issues related to the company have been resolved, which is expected to have a positive impact on our stock price. We have recently succeeded in securing new orders worth 339 billion KRW over the past two months in a relay fashion, and we plan to secure additional orders comparable to the past two months by the end of this year, which is about half a month away. This will strengthen the company's financial structure and future prospects. We believe it is only a matter of time before we are removed from the watchlist," he added.

Meanwhile, Korea Corporation also disclosed that "all parties were cleared with a no indictment decision following the prosecution's investigation" and expressed its determination to pass the ongoing re-audit and successfully resume trading. Korea Technology was formerly a subsidiary of Korea Corporation but has since been sold and is no longer affiliated.

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