Police to Transfer Kyeyang Electric Finance Team Employee Tomorrow for Embezzlement of 24.5 Billion Won

[Asia Economy Reporter Jang Sehee] The police are handing over a financial team employee of Gyeyang Electric accused of embezzling 24.5 billion KRW of company funds to the prosecution.

According to the police on the 24th, the Suseo Police Station in Seoul plans to transfer Mr. Kim to the prosecution on the 25th at around 7:30 a.m. on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes.

Mr. Kim, who has worked as an employee at Gyeyang Electric since 2016, embezzled approximately 24.5 billion KRW of company funds by manipulating ledgers and falsifying financial statements to match bank balance certificates. It is reported that he confessed to the crime after the company urged him to submit related documents during the accounting settlement process.

Accordingly, Gyeyang Electric filed a complaint against Mr. Kim on the 15th, and he was urgently arrested by the police at his home on the 16th on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, and was detained on the 18th.

The amount embezzled by Mr. Kim is estimated to be 24.5 billion KRW, which accounts for 12.7% of Gyeyang Electric’s equity capital of 192.6 billion KRW.

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