Prosecution Seeks 15-Year Prison Sentence for Gyeyang Electric Employee Accused of Embezzling 24.6 Billion Won

A man in his 30s, Kim Mo, an employee accused of embezzling 24.6 billion KRW of company funds from Gyeyang Electric, a KOSPI-listed company.
[Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] The prosecution has requested a 15-year prison sentence for an employee accused of embezzling hundreds of billions of won from Gyeyang Electric, a company listed on the KOSPI.

On the morning of the 11th, the Criminal Division 23 of the Seoul Central District Court (Chief Judge Jo Byeonggu) held the final hearing for Kim (35, male), who was indicted on charges including embezzlement.

On this day, the prosecution asked the court to sentence him to 15 years in prison. They also requested an order to confiscate 20.9 billion won in fines and 420,000 virtual currencies purchased by Kim.

Earlier, Kim was brought to trial in March on charges of embezzlement after working as a deputy manager in the finance team of the management support department at Gyeyang Electric for six years since 2016. After losing a large amount of money due to gambling, he transferred a total of approximately 24.6 billion won in company funds to his own account 925 times from the company’s bank account. This amount corresponds to 12.7% of Gyeyang Electric’s equity capital of 192.6 billion won.

Investigations revealed that Kim mostly squandered the embezzled money by investing in futures options on overseas virtual currency exchanges, stocks, as well as on UK gambling site game fees and living expenses.

Among the remaining embezzled funds, Kim voluntarily returned 3.7 billion won to the company, but it was revealed that he entrusted about 500 million won worth of virtual currency to his ex-wife a few days before his arrest, leading to additional charges for violating the Act on the Regulation and Punishment of Criminal Proceeds Concealment.

Kim admitted to all charges during the trial process.

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