Prosecution Indicts Former Lock&Lock Chairman Kim Jun-il Without Detention for Embezzlement of Overseas Corporate Funds

Former Chairman Kim Jun-il of Lock&Lock. Photo by Asia Economy DB

[Asia Economy Reporter Heo Kyung-jun] Former Lock&Lock Chairman Kim Jun-il has been indicted on charges of embezzling funds from overseas subsidiaries. Kim is the founder of the airtight container brand Lock&Lock.

The Crime Proceeds Recovery Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Lim Se-jin) announced on the 23rd that Kim was indicted without detention on charges of embezzlement in the course of business and violation of the International Anti-Bribery Act.

Kim is accused of embezzling $1.07 million (approximately 1.44 billion KRW) between July 2013 and April 2017 by overbilling construction costs at local subsidiaries in Vietnam and Indonesia.

He is also charged with bribing Vietnamese tax officials three times with a total of $91,537 (about 120 million KRW) to cover up tax investigations.

In 2017, Kim sold all his shares to the private equity fund Affinity Equity Partners and stepped down from company management.

The prosecution plans to conduct investigations and recover criminal proceeds related to the Vietnamese tax officials who accepted bribes through international cooperation.

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