Prosecutors Conduct Search and Seizure at Gyeonggi Provincial Office in Connection with Ssangbangwool Group Embezzlement Allegations

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] The prosecution, investigating suspicious fund flows and allegations of embezzlement and breach of trust involving Ssangbangwool Group, is conducting a search and seizure at the Gyeonggi Provincial Government Office on the 7th.

The Criminal Division 6 of Suwon District Prosecutors' Office (Chief Prosecutor Kim Young-nam) dispatched investigators to secure related materials at the Peace Cooperation Bureau of the Northern Office of the Gyeonggi Provincial Government in Uijeongbu City, Gyeonggi Province, the Communication and Cooperation Bureau of the Southern Office in Yeongtong-gu, Suwon City, and the Economic Vice Governor's office.

The locations targeted in this search and seizure are known to be connected to Lee Hwa-young, former Peace Vice Governor of Gyeonggi Province from 2018 to 2020 and CEO of Kintex. The CEO office of Kintex was also included in the search and seizure.

The prosecution launched the search and seizure to secure materials related to allegations that Ssangbangwool bore the cost of 800 million KRW for a North Korea exchange event hosted by Gyeonggi Province and the Asia-Pacific Peace Exchange Association, a private organization, in 2018.

As the Suwon District Prosecutors' Office, which is investigating allegations of attorney fee payments on behalf of Lee Jae-myung, leader of the Democratic Party of Korea, is conducting a large-scale search and seizure at the Gyeonggi Provincial Government Office where Lee worked, there is analysis that they may be seriously examining whether there is some kind of relationship between Lee and Ssangbangwool.

The Criminal Division 6 is investigating the suspicious fund flow of Ssangbangwool, having received related data from the Financial Intelligence Unit (FIU), including the process of selling convertible bonds (CB) worth 4.5 billion KRW issued by Ssangbangwool in 2020.

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