Former CEO of Ssangbangwool Affiliate Voluntarily Returns for Prosecutor Investigation

[Asia Economy Reporter Kim Hyung-min] A former CEO of an affiliate of Ssangbangwool Group, who is accused of embezzlement and breach of trust, has voluntarily returned to the country from overseas and is undergoing prosecution investigation.

According to the prosecution on the 20th, the Criminal Division 6 of Suwon District Prosecutors' Office (Chief Prosecutor Kim Young-nam) arrested and is investigating Mr. A, the former CEO of an Ssangbangwool affiliate, at Incheon Airport on the morning of the 19th. The prosecution had issued an arrest warrant for Mr. A last month and requested a red notice from Interpol.

Mr. A had left the country about three months ago and was staying in France. It is known that he recently expressed his intention to voluntarily return to Korea.

The prosecution, investigating Ssangbangwool Group for embezzlement, breach of trust, and violations of the Capital Markets Act, is confirming the extent of Mr. A's involvement in the case for the second day following the previous day. The prosecution received suspicious fund flow data of Ssangbangwool from the Financial Intelligence Unit (FIU) and is examining the fund flow relationships among affiliates, including the process of selling convertible bonds (CB) worth 4.5 billion KRW issued by Ssangbangwool in 2020.

The prosecution is expected to consider requesting an arrest warrant for Mr. A once the investigation is completed.

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