Employee of Gyeyang Electric Arrested on Charges of Embezzling 24.5 Billion Won
Seoul Central District Court: "Evidence of Criminal Charges, Risk of Flight"
[Asia Economy Reporter Jang Sehee] An employee of Gyeyang Electric, a power tool manufacturing company, accused of embezzling 24.5 billion won of company funds, has been detained.
On the 18th, Moon Seong-gwan, the warrant judge at the Seoul Central District Court, issued an arrest warrant for Kim, a finance team employee at Gyeyang Electric, on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, stating, "There is sufficient evidence of the crime and a risk of flight."
Kim was urgently arrested by the police on the 16th on suspicion of embezzling 24.5 billion won by manipulating company ledgers from 2016 until recently. It is known that Kim used the embezzled money for stock and Bitcoin investments, gambling, and entertainment.
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Meanwhile, the police urgently arrested Kim on the 16th and applied for an arrest warrant on the 17th. Going forward, the police plan to track the flow of funds and conduct additional investigations into whether Kim had accomplices.
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