Seyoung D&C Faces Embezzlement of 13 Billion KRW... 20% of Equity Capital Affected
[Asia Economy Reporter Lee Seon-ae] Seyoung D&C announced on the 19th that a violation of the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust, embezzlement) amounting to 13 billion KRW has occurred. The embezzled amount corresponds to 19.82% of the company's equity. The equity is calculated based on the consolidated financial statements for the 2018 fiscal year and the changes in capital stock and capital surplus up to the date of the disclosure reason.
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The company filed a complaint with the Seoul Central District Prosecutors' Office on the 18th against Han Mo and two others on charges of breach of trust. The company stated, “We will take necessary measures according to legal procedures regarding all matters following the submission of the complaint and will actively cooperate with investigations by related authorities.”
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