Law Freezes 600 Million KRW Assets of 'Gyeyang Electric Employee' Embezzling 24.6 Billion KRW Company Funds

Account Balance and Apartment Deposit of 609 Million Won 'Asset Freeze'
Mostly Wasted on Gambling, Stocks, and Entertainment Expenses

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The court has frozen the assets of Kim, a finance team employee at Gyeyang Electric, who is accused of embezzling 24.6 billion KRW of company funds.

According to the police on the 25th, the Seoul Central District Court approved the pre-indictment seizure and confiscation preservation of approximately 609 million KRW, including the balance of Kim's embezzled funds account and apartment deposit, on the 17th. The Seoul Suseo Police Station applied for the pre-indictment seizure and preservation of Kim's assets on the 3rd.

Pre-indictment seizure and confiscation preservation is a measure that prevents a suspect from arbitrarily disposing of assets subject to confiscation before a final verdict is reached.

Kim, who worked as a deputy in the finance team at Gyeyang Electric, is accused of embezzling 24.6 billion KRW of company funds over six years starting in 2016 by manipulating the company’s accounting books and fabricating financial statements to match bank balance certificates. This amount accounts for 12.7% of Gyeyang Electric’s equity capital of 192.6 billion KRW.

It is reported that Kim mostly squandered the embezzled money by investing in futures options on overseas cryptocurrency exchanges, gambling, stocks, and entertainment expenses.

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