Prosecutors Freeze 24.5 Billion KRW Worth of Nominee Stocks of Former Ssangbangwool Chairman for Forfeiture Preservation

[Asia Economy Reporter Kim Daehyun] The prosecution investigating various corruption allegations against Ssangbangwool Group has frozen stocks worth hundreds of billions of won held under a borrowed name by the former chairman, known as the actual owner.

On the 4th, the Criminal Division 6 of Suwon District Prosecutors' Office (Chief Prosecutor Kim Youngnam) announced that the court approved the seizure preservation request on the borrowed-name assets of former Ssangbangwool Chairman A on the 28th of last month, who is under investigation for breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. Seizure preservation before indictment is a measure that prevents the suspect from arbitrarily disposing of assets subject to confiscation before the verdict is finalized.

The prosecution estimates that the proceeds from Chairman A’s breach of trust amount to 453 billion won. As a result of this measure, 20 million shares (worth approximately 24.5 billion won) of Nanos, a Ssangbangwool affiliate, have been frozen.

It is reported that Chairman A holds almost no assets under his own name. The frozen shares are known to be Nanos stocks held through Zeus No.1 Investment Association under the names of acquaintances lent by Chairman A.

Chairman A fled to Singapore in May, just before the prosecution began searching Ssangbangwool Group, and has been on the run for six months. The prosecution has issued an Interpol red notice for Chairman A and others and is taking measures such as invalidating passports to secure custody. The prosecution is also investigating Ssangbangwool Group for allegations including ▲illegal export of US dollars ▲violations of the Capital Markets Act ▲and allegations of paying legal fees for Lee Jae-myung, leader of the Democratic Party of Korea.

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