Employee of Gyeyang Electric urgently arrested for embezzlement of 24.5 billion won... Suspect investigation begins
Accounting Manipulation Over 6 Years
Embezzlement Confession During 2021 External Audit
[Asia Economy Reporters Jang Sehee and Oh Gyumin] The police have urgently arrested Kim, an employee of Gyeyang Electric, on suspicion of embezzling 24.5 billion won of company funds and have begun investigating the suspect.
On the 17th, the Suseo Police Station in Seoul announced that they had urgently arrested Gyeyang Electric employee Kim at around 9:20 PM the previous day on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes and are currently investigating him.
A police official stated, "A complaint was filed, and the case was converted to a suspect investigation. The investigation began today."
It was confirmed that Kim manipulated the books over six years starting in 2016, and the fact came to light when he confessed under pressure during the external audit in 2021 when accounting documents were requested.
The police plan to focus their investigation on the exact amount embezzled and whether there are any accomplices. Kim is reported to have stated to the company that he squandered the money on stock investments, cryptocurrency, and gambling.
Considering that Gyeyang Electric filed the complaint based on the employee's statement, there is a possibility that the embezzled amount may increase in the future.
A Gyeyang Electric official explained, "Since the complaint was filed based on the employee's story, additional embezzlement facts need to be clarified through an accurate investigation."
On the 15th, Gyeyang Electric filed a complaint the previous day against financial team employee Kim on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes for embezzling approximately 24.5 billion won. This amount corresponds to 12.7% of Gyeyang Electric's equity capital of 192.6 billion won.
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Meanwhile, the Korea Exchange's KOSPI Market Headquarters announced that due to the occurrence of an employee embezzlement charge, Gyeyang Electric has triggered a reason for a substantial review of listing eligibility and has suspended stock trading.
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