254 Gold Bars Hidden at Father's House... Increasing Possibility of Family Conspiracy in Crime

Investigation into Osstem Implant Embezzlement Case
Three Houses of Lee Family Raided and Seized
Embezzled Amount Increases to Total 221.5 Billion Won

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] The investigation into Mr. Lee (45, in custody), who embezzled 221.5 billion KRW from Ostem Implant, is gaining momentum.

On the 11th, the police seized 254 gold bars weighing 1kg each from the residence of Mr. Lee's father. The Gangseo Police Station in Seoul conducted a search of three residences?those of Mr. Lee's father, wife, and younger sister-in-law?in Paju, Gyeonggi Province, from 8:10 PM the previous day until 12:30 AM on the 11th.

With the newly seized 254 gold bars, the police have secured 755 out of the 851 gold bars Mr. Lee purchased with the embezzled funds. During the arrest of Mr. Lee on the 5th, the police had already confiscated 497 gold bars, and four gold bars that Mr. Lee had not yet collected remain frozen at the Korea Gold Exchange. The police reportedly initiated the search after analyzing nearby closed-circuit television (CCTV) footage and detecting the possibility that the remaining gold bars might be hidden at these residences.

With the discovery of gold bars at the residences of Mr. Lee’s family, the likelihood of collusion between Mr. Lee and his family members in the crime is expected to gain more weight. Essentially, the family members are being identified as accomplices, separate from any instructions from higher-ups. A Gangseo Police Station official stated, “While doing our best to recover the remaining embezzled funds, we will continue investigating whether there was any collusion.”

Previously, Mr. Lee’s wife and sister-in-law were formally registered as suspects and have been investigated regarding possible collusion. It was revealed that Mr. Lee used the embezzled funds to purchase real estate worth 7.5 billion KRW under the names of his wife and sister-in-law. Additionally, before going into hiding last December, he gifted commercial buildings he owned to his wife and sister-in-law’s husbands, one building each, and repaid the loans tied to those buildings.

Meanwhile, the police have reportedly received and are analyzing internal CCTV footage from Ostem Implant. The purpose is to verify whether there were instructions from higher-ups at Ostem Implant, as claimed by Mr. Lee, and whether other employees were involved in the crime. Following the summons of two employees who worked on the same team as Mr. Lee on the 7th, the police have been investigating financial line personnel as witnesses.

On the other hand, although the embezzled company funds were initially reported as 198 billion KRW, it was additionally revealed that 23.5 billion KRW was embezzled. Ostem Implant issued a corrected disclosure the previous day stating, “It has been confirmed that the accused withdrew 10 billion KRW and 23.5 billion KRW in the fourth quarters of 2021 and 2020, respectively, and later returned the funds. Related documents have been additionally submitted to investigative authorities.” Thus, Mr. Lee’s total embezzlement amount has increased to 221.5 billion KRW. However, since 33.5 billion KRW has been returned, the company’s net loss amounts to 188 billion KRW.

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