Prosecutors Detect Suspicious North Korea Remittances... Search of Ssangbangwool and Apahyeop Executives' Homes Conducted

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] On the 14th, the prosecution investigating various allegations surrounding Ssangbangwool Group sent prosecutors and investigators to the residences of Ssangbangwool executives and An, the chairman of the Asia-Pacific Peace Exchange Association (APPEA), to secure related materials. It appears they have detected signs of remittances to North Korea and launched a forced investigation.

The Criminal Division 6 of Suwon District Prosecutors' Office (Chief Prosecutor Kim Young-nam) is conducting searches and seizures at the residences of suspects and the APPEA office on the same day.

The prosecution is investigating Ssangbangwool on charges of illegally exporting tens of billions of won to China in 2019 (violations of the Foreign Exchange Transactions Act, etc.). It is reported that the prosecution is examining evidence that this money flowed into North Korea. APPEA co-hosted the "International Conference for Peace and Prosperity in the Asia-Pacific" with Gyeonggi Province in November 2018 and July 2019 in Manila, Philippines. The event, which discussed the truth about forced labor during Japanese occupation and measures to heal victims of sexual slavery, was attended by delegations from both South and North Korea. Ssangbangwool is also suspected of indirectly providing 800 million won in support for this event.

Lee Hwa-young, former Deputy Governor for Peace of Gyeonggi Province, who oversaw the event at the time, was arrested on charges of receiving bribes amounting to about 250 million won from Ssangbangwool under the pretext of using a corporate card while serving as deputy governor.

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