Police Investigate Gyeyang Electric's 24.5 Billion Won Embezzlement... "Coordinating Schedule for Complainant's Interview"
Gyeyang Electric, Kim Files Police Complaint on 15th
Embezzlement Estimated at 24.5 Billion Won
[Asia Economy Reporter Jang Sehee] A financial team employee at Gyeyang Electric, a KOSPI-listed company, embezzled 24.5 billion KRW of company funds, prompting the police to begin a preliminary investigation before formal indictment.
On the 16th, the Suseo Police Station in Seoul announced that they received a complaint from Gyeyang Electric and are coordinating the schedule for the complainant's investigation. The day before, Gyeyang Electric filed a complaint with the police against employee Kim, from the financial team, on charges of embezzlement in violation of the Act on the Aggravated Punishment of Specific Economic Crimes. After investigating the complainant, the police plan to decide whether to formally indict the accused.
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The amount embezzled by Kim, as estimated by Gyeyang Electric, is 24.5 billion KRW, which corresponds to 12.7% of the company's equity capital of 192.6 billion KRW. The Korea Exchange's KOSPI Market Division announced the previous day that due to the occurrence of embezzlement charges against an employee, Gyeyang Electric is subject to a substantial review of listing eligibility, and trading of its shares has been suspended.
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