Cosmetics Company Clio Faces Embezzlement of 1.89 Billion KRW... Police to Investigate Suspect

Manager-level employee embezzled 1.89 billion KRW, currently dismissed
Suspected use for entertainment expenses

[Asia Economy Reporter Jang Sehee] A cosmetics company Clio's sales employee embezzled about 1.89 billion KRW by receiving payment for goods into a personal account, prompting the police to launch an investigation.

On the 24th, the Seongdong Police Station in Seoul announced that they received a complaint related to the Clio employee embezzlement on February 7 and are currently coordinating the suspect's investigation schedule.

Clio disclosed through a public announcement that a manager-level sales employee embezzled 2.22037 billion KRW in goods payments in the second half of last year, but police investigations confirmed that the total embezzled amount so far is 1.98 billion KRW.

Clio recognized the embezzlement during an internal audit, and when the employee failed to provide an explanation, the company filed a complaint with the police. It is reported that the employee stated to the company that the embezzled funds were spent on entertainment expenses.

Clio confirmed the embezzlement in January and has already dismissed the employee. Clio explained that in 2020, when the embezzlement was identified, the amount did not exceed 3% of equity based on financial statements, so it was not subject to mandatory disclosure.

A police official stated, "We plan to summon the suspect soon to investigate the detailed circumstances of the case," adding, "The embezzled amount may also change."

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