'24.6 Billion Embezzlement' Keiyang Electric Employee Arrested and Indicted... Prosecution Seeks Seizure of Remaining Embezzled Funds

A man in his 30s, Kim, an employee accused of embezzling 24.5 billion KRW of company funds over six years from KOSPI-listed company Kyeyang Electric, is leaving the Seoul Central District Court in Seocho-gu, Seoul, after completing the warrant hearing on the 18th of last month.
[Photo by Yonhap News]

[Asia Economy Reporter Seomideum] An employee who embezzled hundreds of billions of won from Gyeyang Electric, a KOSPI-listed company, was indicted and detained on the 16th.

The Criminal Division 4 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Han Gisik) indicted Gyeyang Electric employee Kim on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, among others, on the same day.

Kim is accused of embezzling approximately 24.6 billion won of company funds while working as an assistant manager in the finance team of Gyeyang Electric for six years since 2016. This amount corresponds to 12.7% of Gyeyang Electric's equity capital of 192.6 billion won.

It was investigated that Kim mostly squandered the embezzled money by investing in futures options on overseas cryptocurrency exchanges, stocks, or gambling site game fees. Among the remaining embezzled funds, 3.7 billion won was voluntarily returned to the company by Kim.

The prosecution requested seizure and preservation of 250 million won of embezzled funds held in Kim's account, 60 million won paid as an apartment pre-sale contract deposit with embezzled money, and other assets worth about 300 million won owned by the suspect. Additionally, 170 million won of apartment pre-sale intermediate payments newly confirmed during the prosecution's investigation was also requested for seizure and preservation.

The prosecution stated, "Even after indictment, we will thoroughly track whether the proceeds of crime are concealed and do our best to recover criminal assets."

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