245 Billion Embezzled by Gyeyang Electric Employee 'Silent'... No Accomplices So Far (Comprehensive)

No Accomplices So Far
Seizure and Forfeiture Preservation Before Indictment If Necessary

[Asia Economy Reporter Jang Sehee] Kim Mo, a financial team employee in his 30s at Gyeyang Electric, who is accused of embezzling 24.5 billion won of company funds, was handed over to the prosecution on the 25th. Kim remained silent in response to questions about accomplices and methods of the crime.

Seoul Suseo Police Station handed Kim over to the prosecution in custody on the same day on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement).

At around 7:39 a.m., Kim came out of the detention center holding a white document envelope containing his personal information, wearing a black long padding coat with the hood pulled down.

When reporters asked Kim, "Are there any accomplices?", "Is it true that the embezzled money was squandered on stocks, virtual currency, and gambling?", "Is there any money left from the 24.5 billion won?", and "Do you have anything to say to the company?", Kim remained silent and got into the escort vehicle.

Kim is accused of embezzling 24.5 billion won of company funds over six years since 2016 by manipulating financial statements to match bank balance certificates. This amount corresponds to 12.7% of Gyeyang Electric’s equity capital of 192.6 billion won.

It was confirmed that Kim previously testified to the company that he had squandered all the embezzled money on stocks, coins, and gambling.

Suseo Police Station urgently arrested Kim at his home on the 16th, the day after the complaint was filed, and detained him on the 18th. Subsequently, the police searched Kim’s home and Gyeyang Electric’s headquarters in Gangnam-gu, Seoul. The police mainly searched the financial team where Kim worked and reportedly secured ledgers and computers.

The police have so far found no accomplices and plan to track Kim’s financial flows going forward.

A police official stated, "So far, no accomplices have been identified," and added, "We are currently tracking the funds and plan to apply for seizure and confiscation preservation before indictment if necessary." Seizure and confiscation preservation before indictment is a measure to prevent the disposal of property subject to confiscation before prosecution. If confiscation is impossible due to consumption or loss, the equivalent value is collected.

Meanwhile, Gyeyang Electric filed a complaint with the police on the 15th against Kim on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes. Currently, trading of Gyeyang Electric’s shares is suspended, and the Korea Exchange will decide by the 10th of next month whether Gyeyang Electric is subject to review by the Corporate Disclosure Committee.

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