Police Find All Gold Bars, Enter 2nd Round of Investigation... Have Insiders Been Identified?

Ostem Implant Search and Seizure
Forgery Statement of Balance Certificate Secured
Signs of Internal Collusion Detected
Mrs. Lee and Sister-in-Law Indicted as Accomplices

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] The police investigation into the embezzlement of 221.5 billion won in company funds has entered a new phase. Having secured all the gold bars that were siphoned off, the police are now focusing their investigative efforts on determining whether there were accomplices within Ostem Implant.

On the 13th, the police began analyzing materials obtained through a search and seizure at Ostem Implant's headquarters. During the five-hour search the previous day, the police secured financial documents such as balance certificates and transaction records, as well as some internal messenger logs and closed-circuit television (CCTV) footage.

Financial team employees who previously worked with Mr. Lee (45, detained) reportedly testified during police questioning that, under his instructions, they forged balance certificates by altering balances using PDF editing software. To ascertain the details of the embezzlement and identify any accomplices, the police also summoned and questioned five company officials, including Mr. Lee’s supervisor.

There is speculation that the police’s forced investigation of Ostem Implant may have uncovered signs of internal collusion. Experts have also raised the possibility of internal conspiracy. Seung Jae-hyun, a research fellow at the Korea Institute of Criminal Justice Policy, said, "It is suspicious that multiple embezzlements occurred without detection. This can be seen as a procedure to verify internal materials such as accounting books of Ostem Implant."

It remains uncertain whether the investigation will expand to higher-ups such as Chairman Choi Kyu-ok and CEO Eom Tae-gwan, as claimed by Mr. Lee. The office of Chairman Choi, whom Mr. Lee identified as the ‘upper echelon,’ was not included in this search and seizure. A Seoul Metropolitan Police Agency official stated, "After analyzing the seized materials, if necessary, Chairman Choi will also be investigated."

Mr. Lee applied for a suspension of detention to attend his father’s funeral, who had taken an extreme measure, but the police denied the request. The Gangseo Police Station in Seoul explained, "After lengthy deliberation, we decided to deny it, considering factors such as the expected heavy sentence and the fact that the suspect was caught while on the run."

The police have determined that Mr. Lee’s wife and sister-in-law conspired in the embezzlement and concealment of criminal proceeds and have registered them as accomplices for investigation. Mr. Lee’s younger brother and younger sister have also been registered. The police plan to transfer Mr. Lee to the prosecution on the morning of the 14th.

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