Prosecutors Conduct Search and Seizure of Ssangbangwool Over Alleged Export of Currency to China... Investigating Possible North Korea Inflow

[Asia Economy Reporter Kim Hyung-min] The prosecution, investigating suspicions that Ssangbangwool Group smuggled tens of billions of won worth of US dollars abroad, has launched an additional forced investigation.

The Criminal Division 6 of Suwon District Prosecutors' Office (Chief Prosecutor Kim Young-nam) sent prosecutors and investigators to Ssangbangwool Group offices on the morning of the 17th to secure related materials. The investigation team is probing Ssangbangwool's alleged violation of the Foreign Exchange Transactions Act and crime of hiding assets overseas by smuggling tens of billions of won in US dollars to China in 2019. It is understood that dozens of Ssangbangwool and its affiliates' executives and employees traveled to China at that time, hiding US dollars between books to smuggle the currency out. Foreign exchange regulations require customs declaration when exporting foreign currency exceeding $10,000 USD.

The prosecution is examining indications that this money flowed into North Korea. It is also reported that the timing of the large-scale smuggling of US dollars overlaps with when Ssangbangwool signed economic cooperation agreements in Shenyang, China, with North Korea's Chosun Asia-Pacific Peace Committee and the Federation of Korean Economic Cooperation (Mingyeongryeon).

Under the agreement at that time, Nanos (now SBW Life Science), an affiliate of Ssangbangwool, was granted business rights related to North Korea's rare earth minerals and other resources, and shortly thereafter, the affiliate's stock price rose significantly. At that time, Nanos recruited Chairman Ahn of the Asia-Pacific Peace Exchange Association (APPEA) as an inside director and heavily promoted this.

In connection with this, the prosecution also conducted a search and seizure of the former Ssangbangwool executive and Chairman Ahn's residence of APPEA on the 14th. The prosecution has booked Chairman Ahn of Ssangbangwool APPEA and others on charges of violating the Foreign Exchange Transactions Act and is summoning executives and employees who conspired with them to smuggle foreign currency for investigation. Chairman Ahn is also scheduled to be summoned for questioning soon.

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