Former Chairman of EcoPro Indicted... 1.1 Billion KRW Illicit Gains Using Undisclosed Information
[Asia Economy Reporter Lim Chun-han] Former and current executives of EcoPro, a KOSDAQ-listed company, and its affiliate EcoPro BM have been brought to trial on charges of illicit gains through stock trading using undisclosed important information.
On the 11th, the Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Moon Hyun-cheol) announced that former EcoPro Chairman Mr. A, four executives including former and current vice presidents, and two employees including a managing director and a department head of EcoPro BM were indicted without detention on charges including violation of the Capital Markets Act. They are accused of trading stocks using internal information before EcoPro BM publicly disclosed a supply contract worth approximately 2.7 trillion won signed with SK Innovation on February 3, 2020.
Former EcoPro Chairman Mr. A is alleged to have traded EcoPro BM stocks in January?February 2020 and August?September 2021, obtaining illicit gains amounting to about 1.1 billion won. He is also charged with using a nominee account at the time of the transactions (violation of the Act on Reporting and Using Specified Financial Transaction Information). Furthermore, while serving as EcoPro CEO from April 2019 to around September 2021, he traded EcoPro BM stocks on his own account using nominee accounts but failed to report ownership status.
Mr. B, the current managing director of EcoPro BM, reportedly gained about 157 million won from trading EcoPro BM stocks in January?February 2020 and was found to have used nominee accounts. Other former and current executives also earned profits ranging from 17 million won to around 150 million won through stock trading using undisclosed important information.
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After receiving a notification from the Financial Services Commission in November last year, prosecutors conducted searches and seizures at the residences and offices of the suspects. In December last year, they confirmed additional crimes by former Chairman Mr. A and carried out further searches and seizures.
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